Oil prices edge lower as Trump extends Iran ceasefire. Brent crude fell 0.8% to $97.60 per barrel while West Texas Intermediate dropped 1% to $88.70 following the US President's announcement to extend the temporary truce pending progress in peace negotiations. The ceasefire extension comes as energy markets remain volatile following the late February military escalation between the US, Israel, and Iran. Trump stated the Iranian government is "seriously fractured" and the US will maintain its blockade of Iranian ports until Tehran presents a unified proposal. Vice President JD Vance, leading negotiations, will not travel to Pakistan as previously expected. Market analysts note trader caution persists as the situation remains fluid. The Strait of Hormuz closure continues to weigh on global energy supplies, with approximately one-fifth of world oil typically transiting the waterway.
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