Oil prices decline as Trump extends Iran ceasefire indefinitely. Crude oil futures traded marginally lower on Wednesday following the announcement. May crude oil futures on MCX dropped 0.30 percent to ₹8,412, while June Brent oil futures fell 0.02 percent to $98.46 and WTI crude declined 0.18 percent to $89.51. The ceasefire extension comes after Trump directed military forces to maintain a blockade on Iran while awaiting a unified proposal from Iranian leadership. Trump stated Iran benefits significantly from keeping the Strait of Hormuz open, claiming they lose $500 million daily when it remains closed. The geopolitical development signals reduced immediate military tensions, which typically supports lower energy prices as market concerns over supply disruptions ease. Iran's Foreign Minister countered that the blockade constitutes an act of war and violates ceasefire terms.
