{"id":315409,"date":"2026-04-08T16:31:28","date_gmt":"2026-04-08T11:01:28","guid":{"rendered":"https:\/\/ebiztoday.news\/?p=315409"},"modified":"2026-04-08T16:31:29","modified_gmt":"2026-04-08T11:01:29","slug":"oil-prices-fall-as-iran-agrees-to-reopen-strait-of-hormuz-during-ceasefire","status":"publish","type":"post","link":"https:\/\/ebiztoday.news\/index.php\/2026\/04\/08\/oil-prices-fall-as-iran-agrees-to-reopen-strait-of-hormuz-during-ceasefire\/","title":{"rendered":"Oil prices fall as Iran agrees to reopen Strait of Hormuz during ceasefire"},"content":{"rendered":"<p><\/p>\n<div id=\"\">\n<p>Oil prices fell sharply Wednesday morning amid news Iran has agreed to reopen the Strait of Hormuz as a part of its two-week-long ceasefire with the US.<\/p>\n<p>But when that can translate to cost drops at Canadian gas pumps stays unclear as shipping corporations scramble to get their products to market.<\/p>\n<p>Benchmark U.S. crude sank US$16.47 to US$96.48 a barrel Wednesday morning; Brent crude, the international standard, dropped US$13.79 to US$95.48 a barrel.<\/p>\n<p>The national average for normal, unleaded gas in Canada was $1.82.4 per litre Wednesday morning \u2013 a rise of two cents from Tuesday, CAA data showed.<\/p>\n<p>The drops reversed a few of the rise in oil prices, following the beginning of the war in late February, which had effectively blocked passage through the strait that\u2019s an important route for global supplies.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>Late Tuesday,\u00a0Trump said he was holding off on his threatened attacks\u00a0on Iranian bridges, power plants and other civilian targets. Iran\u2019s foreign minister said passage through the strait could be allowed for the following two weeks under Iranian military management.<\/p>\n<p>Tim Waterer, chief market analyst at KCM Trade, told The Associated Press the event has sparked \u201ccautious optimism\u201d moderately than \u201coutright celebration.\u201d<\/p>\n<p>\u201cThe ceasefire is simply two weeks long, and markets can be watching closely to see whether shipping through the Strait of Hormuz normalizes as promised and whether the delicate truce can pave the best way for a more durable peace agreement,\u201d he added.<\/p>\n<div class=\"l-article__part\" data-shortcode=\"tp_video\">\n<div class=\"c-video c-videoPlay \" data-iframe-receiver=\"\" data-autoplay=\"\" data-displayinline-featured=\"false\" data-displayinline-type=\"video\" data-displayinline-player-id=\"miniplayer_11768783_69d6332f6b7de\" data-displayinline-video-id=\"11768783\" data-displayinline-ratio=\"16:9\" data-displayinline=\"https:\/\/globalnews.ca\/video\/embed\/11768783\/#autoplay&#038;stickyiframe=miniplayer_11768783_69d6332f6b7de\" data-displayinline-sticky=\"true\" data-permutive-data='{\"content\":{\"name\":\"Canadian farmers face soaring diesel, fertilizer costs amid Iran war\",\"type\":\"video\",\"sections\":[\"videos\",\"national\",\"canada\",\"economy\"],\"keywords\":[\"affordability\",\"agriculture\",\"agriculture-industry\",\"canada-agriculture\",\"canada-farmers\",\"cost-of-living\",\"diesel-prices\",\"farmers\",\"fertilizer-prices\",\"food-prices\",\"gas-prices\",\"grocery-prices\",\"iran-war\",\"oil-prices\",\"short-clip\",\"strait-of-hormuz\",\"global-national\"],\"iab\":{\"categories\":[\"Business and Industrial\",\"News\",\"News\/Politics\"],\"tags\":[\"Associated Press\",\"Barrel (unit)\",\"Benchmark (crude oil)\",\"Benjamin Netanyahu\",\"Brent Crude\",\"Bridge\",\"Canada\",\"Ceasefire\",\"Container ship\",\"Departments of France\",\"Desalination\",\"Dhow\",\"Donald Trump\",\"Gas\",\"Gasoline\",\"Gasoline pump\",\"Hezbollah\",\"Infrastructure\",\"International standard\",\"Iran\",\"Israel\",\"Kharg Island\",\"Law\",\"Lebanon\",\"Litre\",\"Mark Carney\",\"Masoud Pezeshkian\",\"Missile\",\"Office of the United Nations High Commissioner for Human Rights\",\"Oil\",\"Oil well\",\"Pakistan\",\"Petroleum\",\"Plant\",\"Power station\",\"President of Iran\",\"Price of oil\",\"Reconstruction era\",\"Regime change\",\"Reuters\",\"Ship\",\"Strait\",\"Strait of Hormuz\",\"Tehran\",\"Truth Social\",\"Ultimatum\",\"United States\",\"Volker Tu00fcrk\",\"War\",\"War crime\"]}}}'>\n<div class=\"c-video__inner \">\n\t\t\t\t\t<span class=\"c-video__placeholder\"><br \/>\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-video__image\" alt=\"Click to play video: 'Canadian farmers face soaring diesel, fertilizer costs amid Iran war'\" width=\"640\" height=\"360\" src=\"https:\/\/i0.wp.com\/media.globalnews.ca\/videostatic\/news\/bddrmzmc8n-f3zr623ten\/260407-HEATHER.jpg?w=1040&#038;quality=70&#038;strip=all\" loading=\"lazy\" srcset=\"\" sizes=\"auto, \" data-sizes=\"(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px\"><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__overlay\"><\/p>\n<p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<time class=\"c-video__duration\">1:51<\/time><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__title\">Canadian farmers face soaring diesel, fertilizer costs amid Iran war<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Trump acknowledged late Tuesday a 10-point proposal from Iran on ending the war, which he called \u201ca workable basis on which to barter\u201d a long-term peace deal despite rejecting it a day earlier. Iran\u2019s clauses included an end to conflicts within the region, a protocol for protected passage through the Strait of Hormuz and lifting of sanctions and reconstruction.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>Prime Minister Benjamin Netanyahu said in an announcement Wednesday that Israel backed the U.S. ceasefire with Iran but that the deal doesn\u2019t cover fighting against Hezbollah in Lebanon.<\/p>\n<div class=\"c-inlineSignup\" data-newsletter-inline=\"\">\n<div class=\"c-inlineSignup__image\">\n\t\t\t\t\t<img decoding=\"async\" width=\"170\" height=\"225\" loading=\"lazy\" src=\"https:\/\/globalnews.ca\/wp-content\/themes\/shaw-globalnews\/images\/skyline\/national.jpg\" alt=\"Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.\">\n\t\t\t\t<\/div>\n<div class=\"c-inlineSignup__content\">\n<h2 class=\"c-inlineSignup__title\">Get day by day National news<\/h2>\n<p>Get day by day Canada news delivered to your inbox so you may never miss the day&#8217;s top stories.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>His office said Israel also supports U.S. efforts to make sure Iran not poses a nuclear or missile threat.<\/p>\n<p>Earlier Tuesday, Trump warned that \u201ca complete civilization will die tonight\u201d if Iran didn&#8217;t meet his deadline of 8 p.m. Eastern to comply with a cope with the U.S. and reopen the Strait of Hormuz.<\/p>\n<p>\u201cI don\u2019t want that to occur, but it surely probably will,\u201d Trump said in a Truth Social post Tuesday morning, 12 hours ahead of his deadline.<\/p>\n<p>Nonetheless, he added that there was potential for something \u201cwonderful\u201d to occur in Tehran.<\/p>\n<p>\u201cNonetheless, now that we now have Complete and Total Regime Change, where different, smarter, and fewer radicalized minds prevail, perhaps something revolutionarily wonderful can occur, WHO KNOWS?\u201d he added.<\/p>\n<div class=\"l-article__part\" data-shortcode=\"tp_video\">\n<div class=\"c-video c-videoPlay \" data-iframe-receiver=\"\" data-autoplay=\"\" data-displayinline-featured=\"false\" data-displayinline-type=\"video\" data-displayinline-player-id=\"miniplayer_11768722_69d6332f6c305\" data-displayinline-video-id=\"11768722\" data-displayinline-ratio=\"16:9\" data-displayinline=\"https:\/\/globalnews.ca\/video\/embed\/11768722\/#autoplay&#038;stickyiframe=miniplayer_11768722_69d6332f6c305\" data-displayinline-sticky=\"true\" data-permutive-data=\"{\"content\":{\"name\":\"Carney urges 'all parties' in Iran war to 'respect international laws'\",\"type\":\"video\",\"sections\":[\"videos\",\"national\",\"canada\",\"politics\"],\"keywords\":[\"canada-iran\",\"carney\",\"carney-iran\",\"international-law\",\"iran\",\"iran-war\",\"mark-carney\",\"short-clip\",\"global-national\"],\"iab\":{\"categories\":[\"Business and Industrial\",\"News\",\"News\/Politics\"],\"tags\":[\"Associated Press\",\"Barrel (unit)\",\"Benchmark (crude oil)\",\"Benjamin Netanyahu\",\"Brent Crude\",\"Bridge\",\"Canada\",\"Ceasefire\",\"Container ship\",\"Departments of France\",\"Desalination\",\"Dhow\",\"Donald Trump\",\"Gas\",\"Gasoline\",\"Gasoline pump\",\"Hezbollah\",\"Infrastructure\",\"International standard\",\"Iran\",\"Israel\",\"Kharg Island\",\"Law\",\"Lebanon\",\"Litre\",\"Mark Carney\",\"Masoud Pezeshkian\",\"Missile\",\"Office of the United Nations High Commissioner for Human Rights\",\"Oil\",\"Oil well\",\"Pakistan\",\"Petroleum\",\"Plant\",\"Power station\",\"President of Iran\",\"Price of oil\",\"Reconstruction era\",\"Regime change\",\"Reuters\",\"Ship\",\"Strait\",\"Strait of Hormuz\",\"Tehran\",\"Truth Social\",\"Ultimatum\",\"United States\",\"Volker Tu00fcrk\",\"War\",\"War crime\"]}}}\">\n<div class=\"c-video__inner \">\n\t\t\t\t\t<span class=\"c-video__placeholder\"><br \/>\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-video__image\" alt=\"Click to play video: 'Carney urges \u2018all parties\u2019 in Iran war to \u2018respect international laws\u2019'\" width=\"640\" height=\"360\" src=\"https:\/\/i2.wp.com\/media.globalnews.ca\/videostatic\/news\/uldod5sxou-kbsx760dxy\/260407-MACKENZIE.jpg?w=1040&#038;quality=70&#038;strip=all\" loading=\"lazy\" srcset=\"\" sizes=\"auto, \" data-sizes=\"(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px\"><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__overlay\"><\/p>\n<p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<time class=\"c-video__duration\">1:21<\/time><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__title\">Carney urges \u2018all parties\u2019 in Iran war to \u2018respect international laws\u2019<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Iranian officials had vowed \u201can unforgettable hit\u201d and \u201cimmediate and proportionate reciprocal measures\u201d if Trump carried through together with his threats. Iranian President Masoud Pezeshkian took to social media on Tuesday to announce that he had registered for military service, together with 14 million Iranians.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>Pakistan, which was working towards mediating a ceasefire, urged Trump to increase his deadline and Iran to open the Strait of Hormuz.<\/p>\n<p>Trump\u2019s threat against Iran\u2019s civilization got here after he vowed to bomb every Iranian power plant and bridge over the weekend unless Iran, and dismissed concerns that such actions could amount to a war crime.<\/p>\n<p>Volker T\u00fcrk, the United Nations high commissioner for human rights, called Trump\u2019s latest threats \u201csickening\u201d in an announcement.<\/p>\n<p>Prime Minister Mark Carney said Tuesday that Canada \u201cexpects all parties on this conflict\u201d to respect international law.<\/p>\n<p>\u201cWhich means not targeting, actually, civilians or civilian infrastructure. And we urge all parties on this war to follow those responsibilities as some extent we\u2019ve made publicly and privately,\u201d he said.<\/p>\n<div class=\"c-tabs\">\n<p>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab c-tabs__tab--active\" type=\"button\">More on Canada<\/button><br \/>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab\" type=\"button\">More videos<\/button>\n\t\t<\/p>\n<\/p><\/div>\n<p>Trump\u2019s shifting deadlines for the conflict had raised uncertainty over where the conflict was headed because it entered its second month.<\/p>\n<div class=\"l-article__part\" data-shortcode=\"tp_video\">\n<div class=\"c-video c-videoPlay \" data-iframe-receiver=\"\" data-autoplay=\"\" data-displayinline-featured=\"false\" data-displayinline-type=\"video\" data-displayinline-player-id=\"miniplayer_11768675_69d6332f6e8b4\" data-displayinline-video-id=\"11768675\" data-displayinline-ratio=\"16:9\" data-displayinline=\"https:\/\/globalnews.ca\/video\/embed\/11768675\/#autoplay&#038;stickyiframe=miniplayer_11768675_69d6332f6e8b4\" data-displayinline-sticky=\"true\" data-permutive-data=\"{\"content\":{\"name\":\"Iran war's impact spreads through Middle East\",\"type\":\"video\",\"sections\":[\"videos\",\"national\",\"politics\",\"world\"],\"keywords\":[\"international\",\"iran\",\"iran-war\",\"iraq\",\"kuwait\",\"middle-east-war\",\"middle-east\",\"qatar\",\"saudi-arabia\",\"short-clip\",\"top-news\",\"war\",\"global-national\"],\"iab\":{\"categories\":[\"Business and Industrial\",\"News\",\"News\/Politics\"],\"tags\":[\"Associated Press\",\"Barrel (unit)\",\"Benchmark (crude oil)\",\"Benjamin Netanyahu\",\"Brent Crude\",\"Bridge\",\"Canada\",\"Ceasefire\",\"Container ship\",\"Departments of France\",\"Desalination\",\"Dhow\",\"Donald Trump\",\"Gas\",\"Gasoline\",\"Gasoline pump\",\"Hezbollah\",\"Infrastructure\",\"International standard\",\"Iran\",\"Israel\",\"Kharg Island\",\"Law\",\"Lebanon\",\"Litre\",\"Mark Carney\",\"Masoud Pezeshkian\",\"Missile\",\"Office of the United Nations High Commissioner for Human Rights\",\"Oil\",\"Oil well\",\"Pakistan\",\"Petroleum\",\"Plant\",\"Power station\",\"President of Iran\",\"Price of oil\",\"Reconstruction era\",\"Regime change\",\"Reuters\",\"Ship\",\"Strait\",\"Strait of Hormuz\",\"Tehran\",\"Truth Social\",\"Ultimatum\",\"United States\",\"Volker Tu00fcrk\",\"War\",\"War crime\"]}}}\">\n<div class=\"c-video__inner \">\n\t\t\t\t\t<span class=\"c-video__placeholder\"><br \/>\n\t\t\t\t\t\t<img decoding=\"async\" class=\"c-video__image\" alt=\"Click to play video: 'Iran war\u2019s impact spreads through Middle East'\" width=\"640\" height=\"360\" src=\"https:\/\/i2.wp.com\/media.globalnews.ca\/videostatic\/news\/69feydftuu-5jd8gmtoop\/260407-REDMOND.jpg?w=1040&#038;quality=70&#038;strip=all\" loading=\"lazy\" srcset=\"\" sizes=\"auto, \" data-sizes=\"(min-width: 1040px) 1040px,(min-width: 720px) 720px,450px\"><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__overlay\"><\/p>\n<p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<time class=\"c-video__duration\">2:42<\/time><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"c-video__title\">Iran war\u2019s impact spreads through Middle East<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>On March 21, Trump issued his first ultimatum to Tehran, giving them 48 hours to permit ships to go through the Strait of Hormuz, which Iran had blocked in response to U.S. and Israeli strikes.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>Trump posted on Truth Social that if Iran doesn\u2019t \u201cFULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, inside 48 HOURS from this exact time limit, the US of America will hit and obliterate their various POWER PLANTS.\u201d<\/p>\n<p>Iran had until the evening of March 23.<\/p>\n<p>Nonetheless, 12 hours before that deadline, Trump took to Truth Social again to announce that he had decided to postpone the strikes against Iran.<\/p>\n<p>\u201cI HAVE INSTRUCTED THE DEPARTMENT OF WAR TO POSTPONE ANY AND ALL MILITARY STRIKES AGAINST IRANIAN POWER PLANTS AND ENERGY INFRASTRUCTURE FOR A FIVE DAY PERIOD,\u201d he wrote, adding that was subject to the success of the discussions.<\/p>\n<p>That pushed the deadline out to the top of that week.<\/p>\n<p>On March 26, just before the deadline, Trump first doubled down on his threats, adding that there was \u201cNO TURNING BACK.\u201d<\/p>\n<p>Later that day, nonetheless, he postponed his deadline one other 10 days to April 6 at 8 p.m. Eastern.<\/p>\n<p>On March 30, Trump put celebrating progress within the talks with Iran while also expanding his threatened bombing if a deal wasn\u2019t \u201cshortly reached,\u201d adding that \u201cit probably can be.\u201d<\/p>\n<p>\u201cWe are going to conclude our lovely \u2018stay\u2019 in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!),\u201d he wrote.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below commercial<\/p>\n<\/p><\/div>\n<p>On Easter Sunday, in an expletive-laden post on Truth Social, Trump threatened Iran\u2019s power plants and bridges in the event that they didn&#8217;t open the Strait \u2013 and prolonged his deadline once more for twenty-four hours.<\/p>\n<p>\u201cTuesday can be Power Plant Day, and Bridge Day, all wrapped up in a single, in Iran. There can be nothing prefer it!!!\u201d Trump said, warning Iranians to \u201copen the Fuckin\u2019 Strait, you crazy bastards, otherwise you\u2019ll be living in Hell \u2013 JUST WATCH!\u201d<\/p>\n<p>Shortly after that, he simply posted: \u201cTuesday, 8:00 P.M. Eastern Time!\u201d<\/p>\n<p>He confirmed to reporters Monday that the time referred to his final deadline.<\/p>\n<p><em>\u2014 with files from Reggie Cecchini and the Associated Press and Reuters<\/em><\/p>\n<\/p><\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices fell sharply Wednesday morning amid news Iran has agreed to reopen the Strait of Hormuz as a part of its two-week-long ceasefire with the US. But when that can translate to cost drops at Canadian gas pumps stays unclear as shipping corporations scramble to get their products to market. Benchmark U.S. crude sank [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":315410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20691],"tags":[1456,9641,2328,35584,15256,2667,4604,35045,21282],"class_list":["post-315409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-agrees","tag-ceasefire","tag-fall","tag-hormuz","tag-iran","tag-oil","tag-prices","tag-reopen","tag-strait"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/315409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=315409"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/315409\/revisions"}],"predecessor-version":[{"id":315412,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/315409\/revisions\/315412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/315410"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=315409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=315409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=315409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}