Oil and broader commodity markets remain volatile after the U.S.-Iran ceasefire, with the Strait of Hormuz still the main supply-risk factor. Recent reporting and official energy statements say prices fell sharply after the truce, then rebounded as the corridor stayed restricted and the agreement looked fragile.
Oil prices and broader commodity markets remained volatile on Thursday as traders watched whether the U.S.-Iran ceasefire would hold and whether the Strait of Hormuz would reopen.
The ceasefire, announced on April 7, was tied to reopening the strategic shipping corridor. Oil prices fell sharply after the agreement, then moved higher again as reporting suggested the truce was fragile and flows through the strait were still limited.
The U.S. Energy Information Administration said the closure of the Strait of Hormuz and related production outages were key drivers in its April 2026 outlook. The agency estimated 7.5 million barrels per day of crude oil production was shut in across Gulf producers in March because of the closure.
The International Energy Agency has also said tanker traffic through the strait has been near a halt, describing the disruption as the largest supply disruption in the history of the global oil market.
Later reporting on April 9 said the corridor remained effectively closed even as European leaders urged a negotiated settlement. The key questions now are whether the ceasefire lasts and whether oil supply through the Gulf can normalize.
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