# The Commodities Feed: Oil slumps below $100 after US, Iran agree to two-week ceasefire | ING THINK

> Oil prices fell below $100/bbl after the US and Iran agreed to a two-week ceasefire. Brent dropped as much as 16% to near $94, and WTI posted its steepest drop in almost six years. European diesel futures fell as much as 23%, with the API reporting a larger-than-expected US crude build.

- Date: 2026-04-08 · published 2026-04-08T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/10459-the-commodities-feed-oil-slumps-below-100-after-us-iran-agree-to-two-week
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

The ceasefire eases fears of prolonged Strait of Hormuz disruption, reducing crude and diesel price support and lowering energy input costs for feed production, transport and fertilizer. Prices will depend on whether talks produce a durable deal and normal strait flows.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DIESEL | 2026-04-08 | 1 | -12.4% | -3.4 | US-Iran two-week ceasefire sent oil below $100 and European diesel futures down as much as 23%, directly driving the ULSD collapse on April 8. |
| DIESEL | 2026-04-10 | 5 | -14.7% | -2.9 | European diesel futures fell as much as 23% and oil slumped below $100 on the ceasefire, directly transmitting to ULSD benchmarks. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-07-27 | [The Commodities Feed: Oil slumps as the US and Iran pause strikes \| articles \| ING THINK](https://feedsoft.ai/events/8281-the-commodities-feed-oil-slumps-as-the-us-and-iran-pause-strikes-articles-ing.md) | -5.1% | -2.9% |
| BRENT | 2026-04-07 | [Oil tumbles below $100 after Trump announces two-week ceasefire \| Reuters](https://feedsoft.ai/events/6897-oil-tumbles-below-100-after-trump-announces-two-week-ceasefire-reuters.md) | -6.5% | -1.7% |
| BRENT | 2026-04-08 | [Oil: Prices slump below $100 on ceasefire – ING](https://feedsoft.ai/events/6904-oil-prices-slump-below-100-on-ceasefire-ing.md) | -13.7% | -8.7% |
| BRENT | 2019-04-29 | [The Commodities Feed: Trump demands & Russian oil \| snaps \| ING THINK](https://feedsoft.ai/events/7601-the-commodities-feed-trump-demands-and-russian-oil-snaps-ing-think.md) | -0.3% | -4.5% |
| BRENT | 2022-03-10 | [The Commodities Feed: Sell-off across the complex \| ING THINK](https://feedsoft.ai/events/4722-the-commodities-feed-sell-off-across-the-complex-ing-think.md) | -11.0% | -11.3% |
| WTI | 2026-07-27 | [The Commodities Feed: Oil slumps as the US and Iran pause strikes \| articles \| ING THINK](https://feedsoft.ai/events/8281-the-commodities-feed-oil-slumps-as-the-us-and-iran-pause-strikes-articles-ing.md) | -5.8% | -4.1% |
| WTI | 2026-04-07 | [Oil tumbles below $100 after Trump announces two-week ceasefire \| Reuters](https://feedsoft.ai/events/6897-oil-tumbles-below-100-after-trump-announces-two-week-ceasefire-reuters.md) | -11.7% | -4.3% |
| WTI | 2026-04-08 | [Oil: Prices slump below $100 on ceasefire – ING](https://feedsoft.ai/events/6904-oil-prices-slump-below-100-on-ceasefire-ing.md) | -18.9% | -8.3% |

## Sources

- think.ing.com: https://think.ing.com/articles/the-commodities-feed-oil-slumps-below-100-after-us-iran-agree-to-two-week-ceasefire/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.