United States and Iran Agree to Two-Week Ceasefire

The Federal government of the United States and the government of Iran reached a two-week ceasefire on April 8, 2026, to halt ongoing warfare and maintain stability within the critical energy corridor in the Gulf. Both nations agreed to utilize the pause in hostilities to engage in talks seeking a permanent resolution to the conflict.

The agreement triggered immediate volatility in global markets. Crude oil prices plunged approximately 17%, with West Texas Intermediate futures dropping to $93.36 a barrel, which eased international concerns regarding inflation and economic growth. This shift contributed to a positive outlook for Canadian stocks and increased the probability of U.S. interest rate cuts by year-end.

Currency and precious metal markets also reacted sharply. The U.S. dollar hit a four-week low as safe-haven demand diminished. Conversely, gold prices surged 3% to roughly $4,820 per ounce, while silver futures rose 7.78% to $77.585 an ounce. UBS reiterated a year-end price target for gold of $5,900 per ounce following these developments.