01:21 PM EDT, 04/08/2026 (MT Newswires) -- Energy and basic materials shares took a hit on Wednesday following the announcement of the US-Iran ceasefire deal.

The ceasefire announced overnight has taken the panic premium out of oil, but not the full risk premium, Rystad Energy said in a research note. "Prices are not snapping back to pre-war levels due to the scale of disruption and backlog-clearing mechanisms that will take some time to normalize."

Rystad Energy reduced its average Brent futures price to average $87 from $97 for this year.

Shares of APA (APA) slumped 11%, with intraday trading volume at over 8.85 million versus a daily average of roughly 8.41 million.

Shares of LyondellBasell Industries ( LYB ) were down 11%, with intraday trading volume at more than 9.12 million versus the stock's daily average of about 8.14 million.

Shares of CF Industries ( CF ) declined 9.2% as intraday trading volume rose to over 4.42 million from a daily average of about 4.29 million.

Price: 38.25, Change: -4.72, Percent Change: -10.98