Oil prices drop after Iran ceasefire

(CNN)– AAA says regular gas is averaging $4.16 a gallon.

But, oil markets are seeing some relief after the U.S. and Iran announced a ceasefire.

West Texas Intermediate Crude is trading below a $100 a barrel as of this morning.

That’s an improvement over Tuesday April 7, 2026, when the U.S. benchmark topped 116.

But, WTI is still well above the pre-war price.

The global oil benchmark is Brent Crude.

It’s also below a $100 a barrel today (Wednesday, April 8, 2026).

That has stocks rebounding in global and U.S. premarket trading.