Oil prices hover near $100 as Trump extends Iran ceasefire. Brent crude traded around $98 per barrel Wednesday after climbing nearly 10% over two sessions, while West Texas Intermediate remained near $90. The ceasefire extension offers diplomatic breathing room, but geopolitical tensions continue driving market volatility. Shipping through the critical Strait of Hormuz remains severely restricted, with only three vessels crossing in 24 hours, disrupting roughly 20% of global oil and LNG supplies. Analysts warn that even with easing tensions, full recovery in oil flows could take months. Macquarie forecasts prices staying supported between $85 to $90, potentially rising toward $110 as supplies normalize, though prolonged disruptions could spike Brent to $150.
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