GreenergyDaily

Apr. 8, 2026

Some Chinese independent refiners, armed with fresh import quotas from Beijing, have begun seeking prompt cargoes of Iranian crude after oil prices slumped on Wednesday, Reuters reported, citing three trade sources.

Brent crude futures dropped below $100 per barrel on Wednesday to ‌the lowest since March 11, after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran that was subject to the immediate and safe reopening of the Strait of Hormuz.

"There are some inquiries this morning as Brent slipped into the $90s," a trader close to Iranian oil trade said.

A second trader said while there have been some inquiries few deals have been concluded so far as prices are still significantly higher than pre-war levels.