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Oil prices edged lower during volatile Asian trading on Wednesday as U.S. President Donald Trump announced an indefinite extension of the ceasefire with Iran. While the move raised hopes for continued peace talks, ongoing geopolitical uncertainty and supply disruptions in the Middle East kept energy markets cautious.
Brent crude futures declined 0.4% to $98.13 per barrel, while West Texas Intermediate (WTI) crude fell 0.4% to $85.59 per barrel. Both benchmarks experienced choppy movements earlier in the session, reflecting mixed sentiment among traders reacting to geopolitical developments and supply concerns.
Despite the dip in oil prices, losses were limited due to persistent fears over global oil supply. The Strait of Hormuz, a critical النفط shipping route responsible for nearly 20% of global oil consumption, remains effectively closed. Reduced tanker traffic and a continued U.S. naval blockade against Iran have significantly disrupted oil flows, supporting prices even as diplomatic efforts progress.
Trump stated that extending the ceasefire would allow both nations more time to negotiate a long-term resolution to the conflict. However, uncertainty remains high as Iran has yet to officially confirm its participation in the extended truce. Previous statements from Iranian leadership indicated reluctance to engage in negotiations while the U.S. naval blockade remains in place.
Adding to the complexity, reports suggest the U.S. administration is considering extending a waiver that allows foreign-flagged vessels to transport fuel between domestic ports. This policy, initially introduced in March, aims to stabilize domestic oil distribution and counter rising fuel costs triggered by the conflict.
Market participants remain cautious as planned peace talks in Pakistan failed to materialize, with both U.S. and Iranian representatives absent. The lack of clear diplomatic progress, combined with ongoing supply chain disruptions, continues to influence crude oil price trends and global energy market outlook.
