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CommoditiesMediumUpdated•Originally published 8 April 2026•Updated 9 April 2026•

1 min read

Oil Prices Plunge and USD/CHF Tumbles Following Trump's Middle East Ceasefire Announcement

Map of the Middle East with fighter jets, missiles, oil barrels, gold bars, oil rigs, and stock charts under a fiery sky.

Key Facts

1Crude oil prices collapsed sharply following the start of a ceasefire in the Middle East.

about 2 months ago

Version History

4 additional sources confirmed this story

Version 1about 2 months ago

What changed: Added technical confirmation from Elliott Wave analysis, identifying a completed 5th wave and a downside target of $77.5 for Brent oil.

Crude oil prices experienced a significant sell-off following U.S. President Donald Trump's announcement of a ceasefire in the Middle East, effectively easing regional geopolitical tensions. In the currency markets, the USD/CHF pair tumbled below the 0.7900 level as investors rapidly shifted away from safe-haven assets. Technical analysis now reinforces this bearish sentiment, with Elliott Wave patterns confirming a reversal in Brent oil prices. This signals that the deeper correction anticipated since March is now underway following the completion of a 5th wave last week. Market analysts expect the current corrective move to target price levels of approximately $77.5 ± 5. Both WTI and Brent benchmarks remain under pressure as the removal of the geopolitical risk premium aligns with these significant technical breakdowns.