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On April 8, Iranian state television aired a two-week ceasefire statement from former U.S. President Donald Trump. (Source: OANDA)

April 8: WTI crude tumbled $10 intraday amid ongoing fallout from Trump’s announcement of a two-week ceasefire. The U.S. benchmark was last trading at $100.31 per barrel, down 9.10%.

April 8 — Multiple sources report that a ceasefire plan pushed by former U.S. President Donald Trump includes Israel, with one condition being the resumption of navigation through the Strait of Hormuz. Meanwhile, Israel says it is intercepting missile attacks from Iran, as regional tensions continue to escalate. While ceasefire talks have made some progress, the core sticking point remains the Strait of Hormuz transit issue — a key variable affecting the ceasefire’s implementation.

On April 8, the crypto market rebounded—likely driven by news that former President Trump announced a two-week ceasefire. Bitcoin climbed above $71,000, posting a 2.62% gain over the past 24 hours.

On April 8, WTI crude oil dropped more than 6%, likely driven by news of former President Trump’s two-week ceasefire announcement, and is currently trading at $103.34.

On April 8, U.S. President Donald Trump stated: “Following discussions with Pakistani Prime Minister Sharif and Army General Asim Munir—during which they asked me not to strike Iran tonight—I have agreed to temporarily hold off on bombing or attacking Iran for two weeks. This is in exchange for Iran’s commitment to fully, immediately, and safely open the Strait of Hormuz as a precondition.” “This will be a two-way ceasefire. We’ve achieved or exceeded all military objectives, made significant progress on a long-term U.S.-Iran peace deal and a broader Middle East peace agreement. Iran has submitted a ten-point proposal, which we view as a viable basis for negotiations.” “Nearly all past U.S.-Iran points of contention have been resolved; the two-week window will allow us to finalize and implement the agreement. As U.S. president and a representative of Middle Eastern nations, I’m honored to advance progress on resolving this longstanding issue.” (Forex Live)