Oil Price Recovery Unfazed by Unexpected Rise in US Crude Inventories

The price of oil may stage a larger recovery over the remainder of the week as it appears to be unfazed by an unexpected uptick in US crude inventories.

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France Imports, EUR rose from previous €55.3B to €57.791B in February 8 April 2026

France Imports, EUR rose from previous €55.3B to €57.791B in February

France Exports, EUR declined to €52.013B in February from previous €53.4B 8 April 2026

France Exports, EUR declined to €52.013B in February from previous €53.4B

France Trade Balance EUR below expectations (€-2.3B) in February: Actual (€-5.778B) 8 April 2026

France Trade Balance EUR below expectations (€-2.3B) in February: Actual (€-5.778B)

France Imports, EUR increased to €57.8B in February from previous €55.3B 8 April 2026

France Imports, EUR increased to €57.8B in February from previous €55.3B

France Current Account dipped from previous €2.1B to €-1.8B in February 8 April 2026

France Current Account dipped from previous €2.1B to €-1.8B in February

France Trade Balance EUR came in at €-5.8B below forecasts (€-2.3B) in February 8 April 2026

France Trade Balance EUR came in at €-5.8B below forecasts (€-2.3B) in February

France Exports, EUR down to €52B in February from previous €53.4B 8 April 2026

France Exports, EUR down to €52B in February from previous €53.4B

Forex Today: Risk flows dominate as US and Iran agree to two-week ceasefire 8 April 2026

Here is what you need to know on Wednesday, April 8:

EUR/USD: Dollar slips on Gulf ceasefire – Commerzbank 8 April 2026

Commerzbank’s Michael Pfister notes that the tentative ceasefire between the US and Iran and the reopening of the Strait of Hormuz triggered a sharp textbook reaction, with Oil falling and the US Dollar weakening, pushing EUR/USD back towards 1.17.

EUR/USD nears 1.1700 as markets welcome the ceasefire in Iran 8 April 2026

The announcement of a two-week ceasefire in Iran triggered a relief rally during Wednesday’s Asian trading session that sent the safe-haven US Dollar (USD) tumbling against its main peers.

USD/CHF tumbles below 0.7900 on Trump's ceasefire announcement, FOMC Minutes in focus 8 April 2026

The USD/CHF pair slumps to around 0.7890 during the early European session on Wednesday. Reports of a potential two-week ceasefire between the United States (US) and Iran drag the US Dollar (USD) lower against the Swiss Franc (CHF).

Germany Factory Orders n.s.a. (YoY) declined to 3.5% in February from previous 3.7% 8 April 2026

Germany Factory Orders n.s.a. (YoY) declined to 3.5% in February from previous 3.7%

United Kingdom Halifax House Prices (MoM) came in at -0.5% below forecasts (0.1%) in March 8 April 2026

United Kingdom Halifax House Prices (MoM) came in at -0.5% below forecasts (0.1%) in March

Germany Factory Orders s.a. (MoM) came in at 0.9% below forecasts (2%) in February 8 April 2026

Germany Factory Orders s.a. (MoM) came in at 0.9% below forecasts (2%) in February

WTI nosedives below $90 as Iran reopens Hormuz for two weeks 8 April 2026

West Texas Intermediate (WTI), futures on NYMEX, slide over 11% below $90.00 on Wednesday, as Iran has agreed to reopen the Strait of Hormuz, a critical passage to 20% of global energy supply, for two weeks in return for a temporary ceasefire with the United States (US).

US Dollar Index (DXY) Price Forecast: Struggles below 99.00, one-month low amid risk-on 8 April 2026

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts heavy selling on Wednesday and plummets to a nearly one-month trough during the Asian session in reaction to the US-Iran ceasefire news.

USD/INR tumbles on US-Iran two-week ceasefire, RBI leaves Repo Rate unchanged at 5.25% 8 April 2026

The Indian Rupee (INR) jumps to a fresh an almost three-week high against the US Dollar (USD) in the opening trade on Wednesday. The USD/INR pair slides to near 92.30 as the US Dollar weakens and global oil prices nosedive, following a temporary ceasefire between the United States (US) and Iran.

EUR/GBP edges lower to near 0.8700, ECB hawkish stance cushions downside 8 April 2026

The EUR/GBP cross declines to near 0.8700 during the early European session on Wednesday. A two-week ceasefire agreement between the United States (US) and Iran has improved global risk sentiment, which typically favors the Pound Sterling (GBP) over the Euro (EUR).

Canadian Dollar gains as market sentiment improves after US-Iran ceasefire 8 April 2026

USD/CAD continues to lose ground for the third successive day, trading around 1.3830 during the Asian hours on Wednesday. The pair depreciates as the US Dollar (USD) declines on decreased safe-haven demand after the United States (US) and Iran agreed on a two-week ceasefire.

US President Donald Trump says 'big day for world peace' as attacks paused 8 April 2026

US President Donald Trump said on a Truth Social post that Tuesday was “a big day for world peace.” Trump added that the US will be “helping with the traffic buildup” in the Strait of Hormuz and that “big money will be made” as Iran begins reconstruction.

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Oil Price Recovery Unfazed by Unexpected Rise in US Crude Inventories

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