Crude oil prices did soften after Donald Trump announced a ceasefire in the war. But prices quickly bounced up again after the world realized what a fragile arrangement this is – and what the likelihood of renewed hostilities might be. Trump declared the Strait of Hormuz will be opened. Before agreeing to a ceasefire, Trump threatened to bomb Iran back to the Stone Age. As ceasefire negotiations are due to start today, the hot summer months in the Middle East are coming in fast.

Source: Philippine Star April 10, 2026 16:38 UTC