Global oil prices have fallen sharply and stock markets have jumped after the US and Iran agreed to a conditional two-week ceasefire deal that includes the reopening of the key Strait of Hormuz waterway. But oil prices remain higher than before the conflict started on 28 February. In the case of US stock stock futures they can indicate the direction of the market before it opens. Energy prices jumped in mid-March after strikes on Qatar's Ras Laffan industrial hub, which produces about a fifth of the world's liquefied natural gas. Governments and companies across the region have announced measures in recent weeks to deal with high energy prices and fuel shortages.

Source: The Star April 08, 2026 06:37 UTC