{"id":96963,"date":"2026-04-08T15:21:47","date_gmt":"2026-04-08T15:21:47","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards"},"modified":"2026-04-08T15:33:45","modified_gmt":"2026-04-08T15:33:45","slug":"big-petrol-and-diesel-price-relief-on-the-cards","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards","title":{"rendered":"Big Petrol And Diesel Price Relief On The Cards"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Oil plunged below $100 a barrel after the US and Iran agreed to a two-week ceasefire that\u2019s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz.<\/p>\n

Brent fell as much as 16% before trading near $95 a barrel, while West Texas Intermediate slumped the most in almost six years and was last at around $96.<\/p>\n

President Donald Trump said the ceasefire is subject to Iran reopening the strait, and will allow an agreement \u201cto be finalized and consummated.\u201d<\/p>\n

Iran accepted Pakistan\u2019s ceasefire proposal, with safe passage through the strait possible in coordination with the nation\u2019s armed forces for two weeks, Foreign Minister Abbas Araghchi said.<\/p>\n

Israel also agreed to the pause in fighting, according to a White House official.<\/p>\n

The current plan includes allowing Iran and Oman to charge fees on ships transiting through the Strait of Hormuz, the Associated Press reported, citing a regional official.<\/p>\n

US and Iranian delegates are invited to meet in Islamabad on Friday to further negotiate a \u201cconclusive agreement,\u201d Pakistan Prime Minister Shehbaz Sharif said on X.<\/p>\n

\u201cIt would take something truly tremendous for us to get back down below $80 a barrel,\u201d Jason Schenker, president and chief economist at Prestige Economics, told Bloomberg TV.<\/p>\n

\u201cBut almost anything going wrong in these ceasefire talks could very quickly put us back above $100.\u201d<\/p>\n

Refined product prices also fell, with benchmark European diesel futures dropping as much as 23% \u2014 their biggest decline in more than four years.<\/p>\n

Futures tied to Abu Dhabi\u2019s flagship Murban crude dropped 19%, the most since the contract\u2019s launch in 2021.<\/p>\n

The near-complete closure of the vital waterway \u2014 which normally sees the transit of about a fifth of the world\u2019s oil and liquefied natural gas \u2014 has roiled energy markets, with WTI still up more than 40% since the conflict started at the end of February.<\/p>\n

The curtailment of shipments is expected to leave more than 9 million barrels a day of oil output from key Middle Eastern producers shut in during April, according to US government estimates.<\/p>\n

\u201cThis was a market that had been starved of good news,\u201d said Josh Gilbert, an analyst at eToro. \u201cWe\u2019ve seen an instant sell-off in crude, pulling back 16% to under $100 as markets price in the prospect of the Strait of Hormuz reopening.\u201d<\/p>\n

\u201cIt goes to show how much geopolitical risk was baked into crude, and how quickly it can unwind when there\u2019s a credible path to de-escalation.\u201d<\/p>\n

The de-escalation saw volumes surge. Around 240,000 Brent contracts changed hands in the first hour of trading of the global benchmark, while a typical session may see just a few thousand lots within that time period.<\/p>\n

Physical traders remain cautious, waiting for clearer signs the ceasefire will hold before seeking cargoes from the Gulf. Meanwhile, shipowners said they needed to see vessels safely exit the region before sending in tankers.<\/p>\n

At present, there are more than 800 ships that have been trapped by the war.<\/p>\n

\u201cOil can fall further as key details of a ceasefire deal are provided to the market,\u201d said Vivek Dhar, an analyst at Commonwealth Bank of Australia.<\/p>\n

\u201cHow much Iran pushes its hand will be closely watched and may limit further material falls in oil prices.\u201d<\/p>\n

Trump\u2019s ceasefire announcement came about 90 minutes before his initial deadline for Iran to reopen the strait or face a massive bombardment.<\/p>\n

The lead-up was marked by military escalation and bellicose threats from the US president, including a post saying \u201ca whole civilization will die tonight.\u201d<\/p>\n

Earlier in the day, American forces struck sites on the Islamic Republic\u2019s Kharg Island similar to those that were hit in a round of attacks last month, but didn\u2019t target energy infrastructure, according to US officials.<\/p>\n

For More News And Analysis About South-Africa<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Oil plunged below $100 a barrel after the US and Iran agreed to a two-week ceasefire that\u2019s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz. Brent fell as much as 16% before trading near $95 a barrel, while West Texas Intermediate slumped the most […]<\/p>\n","protected":false},"author":84,"featured_media":96962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[275],"class_list":["post-96963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-south-africa-2"],"yoast_head":"\nBig Petrol And Diesel Price Relief On The Cards - South Africa<\/title>\n<meta name=\"description\" content=\"Oil plunged below $100 a barrel after the US and Iran agreed to a two-week ceasefire that\u2019s expected to halt the America ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Petrol And Diesel Price Relief On The Cards\" \/>\n<meta property=\"og:description\" content=\"Oil plunged below $100 a barrel after the US and Iran agreed to a two-week ceasefire that\u2019s expected to halt the America ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-08T15:21:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-08T15:33:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2026\/04\/sm_1775649726.530923.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Big Petrol And Diesel Price Relief On The Cards\",\"datePublished\":\"2026-04-08T15:21:47+00:00\",\"dateModified\":\"2026-04-08T15:33:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards\"},\"wordCount\":637,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2026\/04\/sm_1775649726.530923.jpg\",\"keywords\":[\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-petrol-and-diesel-price-relief-on-the-cards\",\"name\":\"Big Petrol And Diesel Price Relief On The Cards - 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