US and Iran Ceasefire Triggers 4.9% Oil Price Drop to $92

The US and Iran have paused their attacks for three consecutive nights, pulling oil prices back from a surge of over $118 per barrel to around $92.02.

This dramatic price drop represents a cumulative gain of about 30% since hostilities escalated on February 28, 2026.

The current tension in the region began in late February when US and Israeli strikes on Iranian targets sparked a sharp escalation cycle, with Iranian retaliation including attacks on tankers and maritime targets that disrupted the Strait of Hormuz, a key transit route for nearly 20% of global oil supply.

Crypto markets were also affected by the conflict, with Bitcoin falling below $73K during the sharpest escalations. However, as ceasefire signals emerged, Bitcoin moved back towards $72K.