Mita Chaturvedi
Research Associate, Flux
Brent drops below $100/bbl
The Jun'26 Brent futures contract sold off to $91.90/bbl at 01:03 BST, where it met support and climbed above $96/bbl this morning, before..
Published: April 8, 2026
Written by:
Mita Chaturvedi
4 page report
The Jun'26 Brent futures contract sold off to $91.90/bbl at 01:03 BST, where it met support and climbed above $96/bbl this morning, before easing to $93.78/bbl at 11:40 BST (time of writing)....
Today's drop comes following US President Donald Trump agreeing to a two-week ceasefire with Iran, subject to the immediate and safe opening of the Strait of Hormuz, labelling it "a double-sided" ceasefire. According to a statement by Foreign Minister Abbas Araghchi, Iran said it will halt its attacks if attacks against it stop and that safe transit through the Strait of Hormuz would be possible for two weeks in coordination with Iranian armed forces. The current plan entails allowing Iran and Oman to charge a fee on ships transiting Hormuz, although Oman has stated that maritime agreements prevent it from enforcing tolls. American and Iranian delegates are further invited to meet in Islamabad on Friday to negotiate a more "conclusive agreement", as per Pakistani Prime Minister Shehbaz Sharif, a key mediator of the US-Iranian talks, on X. Despite this reported ceasefire, Kuwaiti air defences have reportedly been dealing with "a wave of hostile Iranian criminal attacks," with 28 drones intercepted that targeted Kuwait. The UAE has also reported that its air defences are dealing with missile threats. Despite this, sentiment remains weaker this morning, with the front-month Brent futures spread also weakening from a close of $8.38/bbl on 07 Apr to opening at $5.88/bbl on 08 Apr and standing at $4.76/bbl at the time of writing. In other news, Israeli forces have continued across Southern Lebanon, indicating that the Hezbollah-Israel front is not included in the ceasefire agreement. Finally, at the time of writing, the Jun/Jul'26 and Jun/Dec'26 Brent futures spreads stand at $4.76/bbl and $16.28/bbl, respectively.
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