US-Iran Ceasefire Boosts Markets but Tariffs Drag Global Growth in 2026

The two-week US-Iran ceasefire agreed on April 7, 2026, reopened the Strait of Hormuz, sparking a global market rally and dropping oil prices to around $103 per barrel. This respite eases inflation pressures yet underscores persistent trade war headwinds from escalating US tariffs disrupting supply chains. With global growth forecasts weakening to 2.6% for 2026, geopolitical and protectionist uncertainties cast a long shadow over economic outlooks.