News

Oil Prices Fall After Ceasefire, But Gas Prices Remain High

Jamie Jackson
April 8, 2026

Reading Time: < 1 minute

WASHINGTON (AURN News) — Oil prices fell Wednesday following news of a two-week ceasefire between the United States and Iran, even as Americans continue to face high prices at the pump.

According to AAA, the national average for a gallon of regular gas was $4.14 as of Monday. By Wednesday, prices had climbed slightly to $4.16 despite the ceasefire announcement.

Gas prices are displayed at a gasoline station, Tuesday, April 7, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)

Crude oil prices dropped sharply, falling to $94.66 a barrel on Wednesday afternoon after reaching $108.74 on Tuesday.

“The United States will work closely with Iran,” President Donald Trump said in a post on Truth Social.

“We are, and will be, talking Tariff and Sanctions relief with Iran,” he added.

Markets responded quickly to the development. The Dow surged following news of the ceasefire, reflecting investor optimism about easing tensions.

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Jamie Jackson is an Emmy-nominated television and radio broadcaster who has served American Urban Radio Networks since 2015. He previously covered the Obama and Trump administrations as a White House Correspondent and Pool Reporter for AURN News. Jamie hosted a national PBS television special in 2023 and over the years has worked as a TV news anchor and local NPR host for stations across the country. His work has been honored by numerous organizations, including the NAACP and the Virginia Farm Bureau.