Precious metals and cryptocurrency also surged while the U.S. dollar slips.An aerial view of the Iranian shores and Port of Bandar Abbas in the strait of Hormuz, on Dec. 10, 2023. Reuters4/7/2026|Updated: 4/8/2026U.S. crude oil prices fell below $100 a barrel and stocks rallied in futures trading after President Donald Trump conditionally agreed to suspend attacks on Iran for two weeks if Iran allows safe passage to ships through the Strait of Hormuz.A barrel of West Texas Intermediate—the U.S. benchmark for oil prices—declined almost 16 percent to around $95 on the New York Mercantile Exchange.
Oil Prices Crash Below $100, Stocks Rally Amid Signs of 2-Week Pause in Iran War
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