Photo: Alamy
American crude oil prices have taken a nosedive after President Trump announced a ceasefire with Iran.
🚨 BREAKING: The price of oil has DROPPED over -12% after President Trump got a ceasefire with Iran in exchange for promptly reopening the Strait of Hormuz
— Eric Daugherty (@EricLDaugh) April 7, 2026
And it's continuing to go down.
JUST like Trump promised, once we formally conclude the war, gas prices will plummet! 🔥 pic.twitter.com/BpazJuNM3L
RSBN reported Tuesday night that Iranian negotiators have agreed to open the Strait of Hormuz, a crucial oil waterway for Middle Eastern oil transport.
Oil prices immediately dropped, with reports of a 12 percent to 20 percent reduction.
BREAKING: US oil prices extend losses to $97.50/barrel, now down -20% in 8 hours, after President Trump announces a 2-week ceasefire with Iran. pic.twitter.com/gFWFgrKerF
— The Kobeissi Letter (@KobeissiLetter) April 7, 2026
By Wednesday morning, Oil Price Charts displayed an 18.39 percent drop in oil rates, giving Americans relief after oil price spikes during the War in Iran.
The national average for gasoline reached $4.14 per gallon before the ceasefire deal, per The Hill.
During President Trump’s First Term, the national average for gas fell to $2.57, via Forbes. Then, in 2022, gas prices peaked during the Biden administration, reaching the highest gas prices in U.S. history, per USA Today.  Upon reclaiming office, the national average plunged to $2.99. Within one year of the Trump administration’s policies—which promote American energy independence—the White House announced that gas prices had fallen once more, but the War in Iran challenged that throughout the 39-day U.S.-Iran conflict.
Now, Americans are once again watching the price of oil fall as the Iranian ceasefire deal begins.