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Last Updated:April 08, 2026, 05:38 IST
$26 has been wiped from the price of a barrel in hours- the biggest single-day collapse since Covid destroyed global demand in April 2020.
The West Asia conflict, which began on February 28 with US and Israeli strikes on Iran, disrupted global oil supply.
Oil crashed 20% on Tuesday, from a session high of $117.63 to $91.05, as a US-Iran ceasefire announcement detonated the war premium that had gripped crude markets for forty days. $26 has been wiped from the price of a barrel in hours- the biggest single-day collapse since Covid destroyed global demand in April 2020.
At the heart of the crash is the Strait of Hormuz- the narrow waterway which is the single most critical oil chokepoint through which roughly a fifth of the world’s traded crude passes daily. Since the conflict began forty days ago, Iranian threats to close or restrict the strait had brought global oil supply to a grinding halt, sending prices surging and putting energy markets on emergency footing worldwide.
Location :
Washington D.C., United States of America (USA)
First Published:
April 08, 2026, 05:38 IST
News business markets Iran-US Ceasefire Triggers One Of Oil's Largest Single-Day Crashes In History, Crude Down 20%
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