The ceasefire was announced by US president Donald Trump late on Tuesday night (7 April), around 90 minutes before his deadline for Iran to strike a deal, following mediation by Pakistan.
News of the ceasefire immediately sent oil prices tumbling, falling by 15% to below US $100 a barrel, albeit far short of the approximately US $70 per barrel rate that preceded the war. European gas prices also fell by around 20% in the immediate aftermath of the two-week accord being announced.
However, analysts on Wednesday (8 April) advised against expecting oil and energy prices to normalise promptly, or to stabilise nearer pre-war levels.
