Oil prices make stunning plunge and stock futures surge after Trump steps back with two-week ceasefire | 7 April 2026 | Oil prices dropped across the board on Tuesday after Donald Trump announced a two-week ceasefire with Iran that would see the reopening of the Strait of Hormuz. After Trump posted about the stoppage on Truth Social, U.S. crude oil slid 18 percent to under $93 a barrel, after trading upwards of $117 that very same day. The dips mark the largest one-day lowering of oil prices since during the Gulf War in 1991. The prices for natural gas and heating oil also dropped a fair amount following the ceasefire news… Dow futures went up 1,000 points, Nasdaq 100 futures nearly three percent, and S&P 500 futures rose over 2.5 percent, NBC News reported.