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Oil prices drop 16% as US-Iran ceasefire news sparks sell-off in BP, Shell, and Centrica shares

Market News
08 Apr 2026
Proactive Investors
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Bearish
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BP, Shell, and Centrica shares fell sharply after oil prices dropped more than 16% following news of a two-week ceasefire in the US-Iran conflict. The ceasefire could lead to the reopening of the Strait of Hormuz, allowing 10-13 million barrels per day of crude supply to return to the market. Analysts expect oil prices to remain relatively high due to ongoing geopolitical risks, despite the temporary relief rally in energy stocks. The market anticipates that oil prices will not return to pre-conflict levels soon as Persian Gulf operations normalize gradually.

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