HONG KONG, April 8, 2026 (BSS/AFP) - Oil prices plunged Wednesday while stocks rallied after the United States and Iran agreed to a two-week ceasefire that will see Tehran temporarily reopen the vital Strait of Hormuz. Iran later said it had agreed to safe passage in the Strait, through which a fifth of global oil and gas passes. Iran warned it would deprive the United States and its allies of oil and gas "for years" if Washington crossed Tehran's "red lines". Prime Minister Shehbaz Sharif of Pakistan, which has played a key mediator role, said that the ceasefire would start immediately. "Lower oil prices remove the chokehold that has weighed on regional risk sentiment, especially in markets that feel imported energy shocks first and hardest," he said.

Source: Bangladesh Sangbad Sangstha April 08, 2026 03:18 UTC