Oil Prices Drop After Iran-US Ceasefire

0:00It's April 8th, from your city to your ears. This is Vancouver News today, powered by AI. I'm Cory with the story. Oil prices took a big dive this morning after Iran agreed to reopen the straight of Hormuz during a two week ceasefire with the United States. Benchmark, US crew dropped $16.47 to $96.48 a barrel while Brinkroot fell 13. $1.79 to $95.48. This reverses some spikes from the war that started late February when the straight got blocked, choking off key global oil routes. Trump held back on bombing Iranian bridges and power plants late Tuesday, calling Iran's 10 point peace proposal a solid starting point for talks. The deal lets ships pass through the straight under Iranian military watch for the next two weeks, aiming to ease tensions and maybe live sanctions down. The line. This is a reacting with mixed feelings. Market show cautious optimism, but no big party yet.

1:01Canada's average gas price hit $1.82.4 per liter, up two cents from yesterday, as shipping firms hustle to catch up. Israel's Prime Minister backs the truce, but says it skips the Hezbollah fights in Lebanon, and voices like Canada's Prime Minister Mark Carney stress. Sticking to international law, no hitting civilians. As Tim Waterer says everyone's eyes aren't whether shipping normalizes and if this short truce leads to real peace. Trump's flipped deadlines before, from 48 hours on March 21st, to extensions through early April, keeping things unpredictable after. U.S. and Israeli strikes kicked off the blockade. Markets stay on edge for signs the ceasefire holds, with hopes as sparks longer talks and steadies those pump prices soon.