{"id":387738,"date":"2026-04-08T07:57:09","date_gmt":"2026-04-08T07:57:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/387738\/"},"modified":"2026-04-08T07:57:09","modified_gmt":"2026-04-08T07:57:09","slug":"oil-prices-fall-stock-markets-rise-after-us-and-iran-agree-ceasefire-and-to-open-strait-of-hormuz-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/387738\/","title":{"rendered":"Oil prices fall, stock markets rise after US and Iran agree ceasefire and to open Strait of Hormuz \u2013 The Irish Times"},"content":{"rendered":"

Main Points Donald Trump<\/a> has agreed to a proposed two-week ceasefire between the US<\/a> and Iran<\/a>, conditional on the Strait of Hormuz <\/a>being reopened Trump had set a deadline of 1am (Irish time) for a ceasefire deal or claimed \u201ca whole civilisation will die\u201dOil prices fell sharply on the news, with Brent crude oil, the international standard, declining 14.4 per cent to $93.48Trump told the AFP news agency the deal was a \u201ctotal and complete victory\u201d for the USSimon Harris welcomed the ceasefire saying it followed \u201cunacceptable threats that are well outside international norms\u201dBest Reads <\/p>\n

\u00d3rla Ryan – 4 minutes ago<\/p>\n

Israel says it has ceased strikes in Iran, will continue to hit Lebanon<\/p>\n

The Israeli \u200cmilitary said \u200bon Wednesday it has \u200bceased fire \u2060in the \u200ccampaign \u200cagainst \u200bIran \u2060in accordance \u200bwith \u200bdirectives \u200cfrom the \u200bpolitical echelon, \u2060after \u2060the US announced a \u200ctwo-week ceasefire \u2060with Iran.<\/p>\n

Israel said the ceasefire does not apply to Lebanon and it will continue operations against Hizbullah there. – Reuters<\/p>\n

\u00d3rla Ryan – 9 minutes ago<\/p>\n

Stock markets in the Gulf region jumped on Wednesday \u200cin line with global equities.<\/p>\n

In Asia, Japan\u2019s Nikkei was \u200cup about 5.4 per cent while South Korea\u2019s KOSPI gained 6.8 per cent, triggering a brief halt in trading. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan was \u200bup 1 per cent. <\/p>\n

Dubai\u2019s main market spiked as much \u200cas \u200c8.5 per cent, \u200bits highest intraday gain in more than 11 years, with the heavyweight real estate and financial sectors outperforming.<\/p>\n

At 8.30am Irish time the Dubai index was trading 6.4 per cent higher, \u2060led by a 9.8 per cent jump in blue-chip developer \u200bEmaar Properties and an 11.3 per cent rise in top lender \u200bEmirates NBD Bank.<\/p>\n

Abu Dhabi\u2019s benchmark index climbed as much as 4.9 per cent in early trade, its biggest jump in six \u200cyears, boosted by gains in the financial, real \u200bestate, logistics and energy sectors.<\/p>\n

The Abu Dhabi index was up 3.2 per cent with the largest lender, \u2060First Abu Dhabi Bank, rising 8.3 per cent and \u2060real estate giant Aldar Properties \u200bjumping 8.8 per cent. – Reuters <\/p>\n

\u00d3rla Ryan – 12 minutes ago<\/p>\n

Von der Leyen welcomes ceasefire \"EuropeanEuropean Commission president Ursula \u200cvon der Leyen \u200bon Wednesday welcomed the two-week ceasefire agreed \u200bby the \u2060United States and \u200cIran. Photo: John Thys\/AFP via Getty Images <\/p>\n

European Commission president Ursula \u200cvon der Leyen \u200bhas welcomed the two-week ceasefire agreed \u200bby the \u2060United States and \u200cIran, \u200csaying it \u200bwould ease tensions.<\/p>\n

\u201cI \u2060welcome \u200bthe two-week \u200bceasefire the \u200cUS and Iran \u200bagreed last night. \u2060It \u2060brings much \u200bneeded de-escalation\u201d, she said, adding it was crucial negotiations \u200ccontinue for \u2060an enduring solution. – Reuters <\/p>\n

\u00d3rla Ryan – 19 minutes ago<\/p>\n

Wall Street futures jump amid ceasefire relief<\/p>\n

US stock index futures jumped on Wednesday as investors breathed a sigh of relief after the US and Iran \u200bagreed to a two-week ceasefire, sending crude prices lower on expectations that energy supplies from the Middle East could resume. <\/p>\n

The announcement late on Tuesday came hours before Trump\u2019s deadline, after which he said the US would \u200binflict devastating attacks on Iran\u2019s civilian infrastructure if Tehran did not reopen the strategic Strait of Hormuz.<\/p>\n

The rally was \u2060visible across global asset classes. Equity indexes in major Asian and European markets \u200cshot \u200cup \u200bbetween 4 to 5 per cent, while crude prices rolled 16 per cent to near $90 (about \u20ac77) a barrel, and the dollar, which had seen safe-haven interest over the past month, fell \u20601 per cent against the Japanese yen.<\/p>\n

Investors \u200bhave been navigating the ebb and flow \u200bof the conflict that has extended to over a month, as Trump suggested an earlier end \u200cto the war several times, while \u200bon the flipside, Iran has denied all reports of negotiations.<\/p>\n

The worry is that the \u2060prolonged conflict and soaring energy costs \u2060could weigh on \u200beconomic growth and complicate the Federal Reserve\u2019s monetary policy path. March was the benchmark S&P 500\u2019s biggest monthly fall in a year. – Reuters<\/p>\n

\u00d3rla Ryan – 22 minutes ago<\/p>\n

Fuel depots blocked in Galway and Limerick <\/p>\n

There is a risk that fuel supplies at forecourts could be impacted as fuel depots in Galway and Foynes, Co Limerick, have been blocked by protesters, Kevin McPartland, CEO of Fuels for Ireland, said.<\/p>\n

Speaking on Morning Ireland, McPartland described the situation as \u201cvery concerning\u201d.<\/p>\n

He said he felt sympathy for protesters – many of whom have been impacted by a huge increase in fuel costs – but encouraged them to not block fuel deliveries to forecourts. <\/p>\n

\u00d3rla Ryan – 33 minutes ago<\/p>\n

Significant traffic delays have been reported in Dublin city and several other locations across the country as protests against rising fuel costs enter a second day. You can read the latest updates in our live story here<\/a>. <\/p>\n

\u00d3rla Ryan – 42 minutes ago<\/p>\n

FTSE 100 index jumps while energy companies slide <\/p>\n

The FTSE 100 index has jumped 273 points, or 2.6 per cent, to 10,624 in early trading. <\/p>\n

There are only three fallers: oil companies BP and Shell, down by 8.3 per cent and 7.3 per cent respectively, and British Gas owner Centrica, down 3.5 per cent. – The Guardian<\/p>\n

\u00d3rla Ryan – 59 minutes ago<\/p>\n

\u2018De-escalation is a much more positive economic scenario than ongoing war\u2019 – T\u00e1naiste \"MinistersMinisters will meet today to \u201cconsider key issues like energy security, supply and key sectoral updates\u201d, Simon Harris said.\u00a0Photo: Stephen Collins\/Collins Photos <\/p>\n

T\u00e1naiste and Finance Minister Simon Harris has welcomed the ceasefire announcement, saying it came \u201cfollowing hours of what were extraordinarily worrying and unacceptable threats that are well outside international norms\u201d.<\/p>\n

\u201cA temporary ceasefire, with an agreement to reopen the vital Strait of Hormuz, offers a window of opportunity that should be fully utilised to put in place a sustainable and enduring end to the conflict,\u201d Harris said in a statement<\/a>.<\/p>\n

\u201cThese developments, from an economic point of view, are positive considering the almost unimaginable alternative. In recent hours we have seen a positive reaction in terms of oil prices though it is extremely early days and this remains a very volatile situation.\u201d<\/p>\n

Government leaders and Ministers will meet at Government Buildings today to \u201cconsider key issues like energy security, supply and key sectoral updates as well as getting an up to date assessment of what overnight developments mean\u201d, he said. <\/p>\n

\u201cThe events of the last few hours show the fact that a step by step approach to this fast evolving situation is the only sensible policy path to pursue.\u201d<\/p>\n

Harris said de-escalation is \u201ca much more positive economic scenario than ongoing war and further damage to energy infrastructure\u201d.<\/p>\n

Delays on M50 and several other roads<\/p>\n

Transport Infrastructure Ireland has confirmed traffic delays on several routes including the M50, M18, N3\/M3, N4\/M4 and the N7.<\/p>\n

TII are sharing the latest road updates here<\/a>.<\/p>\n

Luas services impacted by protests in Dublin<\/p>\n

\u26a0\ufe0fPassengers, please be advised Green Line services are currently not operating between St. Stephen’s Green and Dominick. Services are operating between Broombridge and Dominick and between St. Stephen’s Green and Brides Glen only. This is due to a protest at O’Connell Bridge. We\u2026<\/p>\n

\u2014 Luas (@Luas) April 8, 2026<\/a><\/p>\n

Luas Green Line services are currently not operating between St Stephen\u2019s Green and Dominick. Services are operating between Broombridge and Dominick and between St Stephen\u2019s Green and Brides Glen only.<\/p>\n

Red Line services are operating normally. Read the latest Luas updates here<\/a>.<\/p>\n

Slow-moving convoys around the country <\/p>\n

Significant traffic delays have been reported in several locations across the country as slow-moving convoys take part in a second day of protests against rising fuel costs. <\/p>\n

People have been advised to allow extra time for journeys. <\/p>\n

Slow-moving convoys and significant traffic delays are currently reported at locations including:<\/p>\n

Co. Limerick- N21 from Adare towards Limerick city
Co. Limerick- Ballysimon Road
Co. Cork- Macroom bypass in both directions
Motorists are advised to plan their journeys accordingly pic.twitter.com\/m9hgqRm1iZ<\/a><\/p>\n

\u2014 An Garda S\u00edoch\u00e1na (@GardaTraffic) April 8, 2026<\/a><\/p>\n

Slow-moving convoys and significant traffic delays are currently reported at locations including:<\/p>\n

Co. Tipperary- M8 Junctions 6-9 Northbound pic.twitter.com\/p3wO5xWryo<\/a><\/p>\n

\u2014 An Garda S\u00edoch\u00e1na (@GardaTraffic) April 8, 2026<\/a><\/p>\n

\u2018Very significant disruption\u2019 to traffic in Dublin city <\/p>\n

There is \u201cvery significant disruption\u201d to traffic in Dublin city centre as fuel protesters have blocked O\u2019Connell Bridge on both the north and south sides. <\/p>\n

#DBSvcUpdate<\/a> Road closures remain in place this morning as a result of a protest. We are experiencing service disruptions across the Dublin Bus network, please allow additional travel time. More details here: https:\/\/t.co\/7cFT8LLyi2<\/a><\/p>\n

\u2014 dublinbusnews (@dublinbusnews) April 8, 2026<\/a><\/p>\n

Blake Boland, spokesman for Dublin Bus, said: \u201cEssentially anything that is trying to come across the city is trapped.\u201d<\/p>\n

He told RT\u00c9 radio\u2019s Morning Ireland that several routes were impacted, including the E and F spine routes, the 1, 11 and 19 among others. Several diversions are in place. <\/p>\n

The latest Dublin Bus updates can be read here<\/a>.<\/p>\n

Traffic Alert \u2013 Dublin City Centre<\/p>\n

There is ongoing protest activity currently disrupting traffic in Dublin City Centre. O\u2019Connell Street and O\u2019Connell Bridge are at a standstill, and both the North and South Quays are now also affected.<\/p>\n

Please plan your journeys accordingly. pic.twitter.com\/LUJZn2sG5x<\/a><\/p>\n

\u2014 An Garda S\u00edoch\u00e1na (@GardaTraffic) April 8, 2026<\/a><\/p>\n

Israel\u2019s military issued \u200crepeated urgent warnings to residents \u200bof the city of \u200bTyre on Wednesday \u2060to evacuate their homes \u200cimmediately \u200cand \u200bmove north \u2060of \u200bthe Zahrani River, \u200bsaying it \u200cwill strike \u200bthe area.<\/p>\n

This comes \u2060after \u2060Israeli \u200bPrime Minister Binyamin Netanyahu said that the US-Iran \u200cceasefire announced \u2060earlier on Wednesday does not \u200cinclude Lebanon. – Reuters <\/p>\n

Ceasefire \u2018will bring moment of relief to region and world\u2019, says Starmer <\/p>\n

UK prime minister Keir Starmer has joined a chorus of world leaders welcoming the announcement of a ceasefire between Iran and the US. <\/p>\n

\u201cI welcome the ceasefire agreement reached overnight, which will bring a moment of relief to the region and the world,\u201d he said. \u201cTogether with our partners we must do all we can to support and sustain this ceasefire, turn it into a lasting agreement and reopen the Strait of Hormuz.\u201d <\/p>\n

Starmer is travelling to the Middle East today to meet Gulf leaders to \u201cdiscuss diplomatic efforts to support and uphold the ceasefire\u201d, No 10 said. – The Guardian<\/p>\n

Oil prices plummet after ceasefire announced<\/p>\n

Oil prices plunged by almost 15 per cent after Donald Trump held off on his threat to bomb Iran into the stone ages on Tuesday night, and Iran\u2019s foreign minister said passage through the Strait of Hormuz would be allowed for the next two weeks under the management of its military.<\/p>\n

Tuesday\u2019s news was immediately embraced by markets, but the outcome of the US-Iran talks is far from certain, and how the strait will be reopened and managed beyond the two-week grace period is yet to be determined.<\/p>\n

Brent crude oil, the international standard, dropped 14.4 per cent to $93.48, and futures for US crude oil sank 14.7 per cent to $96.27 a barrel. The prices remain well above where it was at the start of the war.<\/p>\n

Japan\u2019s benchmark Nikkei 225 gained 5 per cent in early trading, Australia\u2019s S+P\/ASX 200 jumped 2.6 per cent and South Korea\u2019s Kospi soared 5.9 per cent. Elsewhere, Hong Kong\u2019s Hang Seng surged 2.6 per cent, while the Shanghai Composite nudged higher by 1.7 per cent.<\/p>\n

\"StorageStorage tanks are seen at an oil refinery in Yokohama, Japan, as Mount Fuji looms in the background. Photograph: Yuichi Yamazaki\/AFP via Getty Images <\/p>\n

In the bond market, Treasury yields eased on word of a potential ceasefire. The yield on the 10-year Treasury fell to 4.24 per cent from 4.30 per cent earlier Tuesday. Gold prices rose more than 2 per cent to $4,812 per ounce.<\/p>\n

Cryptocurrencies also rallied, with bitcoin advancing 2.9 per cent to $71,327, and ether climbing 5.6 per cent to $2,234. – The Guardian <\/p>\n

Trump claims ceasefire is a victory for US <\/p>\n

Trump told news agency AFP the ceasefire was a \u201ctotal and complete victory\u201d.<\/p>\n

\u201cTotal and complete victory. 100 per cent. No question about it,\u201d Trump said when asked if he was claiming victory with the ceasefire. He later said on Truth Social<\/a>: \u201cA big day for World Peace! Iran \u2060wants it to happen, they\u2019ve had enough! Likewise, so has everyone else!\u201d<\/p>\n

\"TrumpTrump said on Truth Social: \u201cA big day for World Peace! Iran \u2060wants it to happen, they\u2019ve had enough! Likewise, so has everyone else!\u201d <\/p>\n

Iran could start the reconstruction process and the US would help in traffic buildup in the Strait of Hormuz, he added.<\/p>\n

The war, now in its sixth week, has \u200cclaimed \u200cmore \u200bthan 5,000 lives in nearly a dozen countries, including more than 1,600 civilians in Iran, according to tallies from government sources and human rights groups. – Reuters <\/p>\n

Israel claims ceasefire does not apply to Lebanon<\/p>\n

Israel supported the decision to suspend strikes on Iran for the two-week \u2060period, prime minister Binyamin Netanyahu\u2019s <\/a>office said in a statement. <\/p>\n

The ceasefire does not apply to Lebanon, it added, \u200bin an apparent contradiction to comments from Pakistan\u2019s Sharif who said earlier the agreement included a cessation of Israel\u2019s campaign in Lebanon.<\/p>\n

Lebanon\u2019s \u200bstate news agency NNA reported continued Israeli strikes across southern Lebanon, including artillery shelling and a dawn air strike on a building near a hospital that killed four people. It also reported attacks on several other towns and on a medical point that caused injuries.<\/p>\n

It was not immediately \u200cclear how soon the ceasefire elsewhere would take full effect. Israeli media said it would begin \u200bonce Iran reopened the strait and that Israel expected Iranian attacks to continue in the interim.<\/p>\n

More than an hour after Trump\u2019s announcement, the Israeli military \u2060said it had identified missiles launched from Iran, and explosions from intercepted missiles could be heard in Tel \u2060Aviv. Gulf countries including Kuwait, Bahrain, Saudi Arabia and the United Arab Emirates also \u200bissued near-simultaneous alerts and activated air defences.<\/p>\n

Israeli media said its military was striking back at launch sites in Iran.<\/p>\n

Iraq\u2019s Islamic Resistance also said it would suspend operations in Iraq and across the region for two weeks. – Reuters<\/p>\n

Ceasefire broadly welcomed by US politicians <\/p>\n

US political leaders and many Americans breathed a sigh of relief last night, after Donald Trump announced a provisional ceasefire deal following threats to destroy Iran\u2019s \u201cwhole civilization\u201d.<\/p>\n

\u201cI\u2019m glad Trump backed off and is desperately searching for any sort of exit ramp from his ridiculous bluster,\u201d Chuck Schumer, the Senate Democratic leader, said on Tuesday night.<\/p>\n

Several Republicans cheered the president\u2019s decision.<\/p>\n

\u201cExcellent news,\u201d Senator Rick Scott of Florida said. \u201cThis is a strong first step toward holding Iran accountable and what happens when you have a leader who puts peace through strength over chaos and weak appeasement policies.\u201d<\/p>\n

Senator Lindsey Graham, one of the chamber\u2019s loudest and most aggressive Iran hawks, said on Tuesday evening he shared the hope that \u201cwe can end the reign of terror of the Iranian regime through diplomacy\u201d. – The Guardian<\/p>\n

Ceasefire conditional on Strait of Hormuz reopening <\/p>\n

Trump said the deal was subject to Iran pausing \u200bits blockade of oil and gas supplies through the strait, which typically handles about one-fifth of global oil shipments. <\/p>\n

Iranian foreign minister Abbas Araqchi said in a statement Tehran would cease counter-attacks and provide safe passage through the waterway, if attacks against it stop. – Reuters <\/p>\n

Trump agrees to Iran ceasefire <\/p>\n

US<\/a> president Donald Trump<\/a> has agreed to a two-week ceasefire with Iran<\/a> last night, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face devastating attacks on its civilian infrastructure.<\/p>\n

Trump\u2019s announcement represented an abrupt turnaround from his extraordinary warning earlier in the day, when he said \u201ca whole \u200ccivilization will die tonight\u201d if his demands were not met. Pakistan\u2019s military chief field marshal Asim Munir and prime minister Shehbaz Sharif helped mediate the ceasefire.<\/p>\n

Sharif said in a post on X he had invited Iranian and US delegations to meet in Islamabad on Friday. – Reuters <\/p>\n