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Trump Cease-Fire Triggers 11% Oil Price Surge

4/26/2026

Summary

Trump Announces Ceasefire

President Donald Trump announced a temporary cease-fire on April 7, sending oil prices plunging.
Brent futures closed at $105.88 per barrel, up $10.63 (11.16%).
WTI rose to $94.40 per barrel, up $10.55 (13%).
Goldman Sachs said WTI stayed below $95 due to a lower risk premium, destocking and moderated spot buying.
JPMorgan warned OECD inventories may hit minimums between May 9 and May 30, risking exponential price jumps.

Summary

Birol Warns

The Strait of Hormuz closure cut about 13 million barrels per day of oil.
IEA Executive Director Fatih Birol warned world faces the biggest energy-security threat ever and urged governments to adopt alternative sources.
Cyprus President Nikos Christodoulides hosted an EU-regional summit in Nicosia on 24 April 2026.
Japan’s finance minister warned of yen-intervention as the euro fell to $1.1684, the pound held at $1.3469, and the yen slipped to 159.78 per dollar.

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Trump Announces Ceasefire

President Donald Trump announced a temporary cease-fire on April 7, sending oil prices plunging.
Brent futures closed at $105.88 per barrel, up $10.63 (11.16%).
WTI rose to $94.40 per barrel, up $10.55 (13%).
Goldman Sachs said WTI stayed below $95 due to a lower risk premium, destocking and moderated spot buying.
JPMorgan warned OECD inventories may hit minimums between May 9 and May 30, risking exponential price jumps.

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