Brent hovers near $100 as Trump extends Iran ceasefire, keeps blockade

Oil prices fluctuated sharply on Tuesday, with Brent crude futures rising 4.3% to approximately $99.6 per barrel as of 2020GMT, while US West Texas Intermediate (WTI) futures gained 3.65% to $90.5. The moves came after President Donald Trump announced an extension of the ceasefire with Iran while keeping Washington’s naval blockade in place.

Ceasefire extended, blockade continues

In a statement on Truth Social, Trump said he had directed the US military to “continue the Blockade” and remain ready, while extending the ceasefire until Iranian leaders submit a unified proposal and discussions conclude. The announcement followed a request from Pakistan’s Field Marshal Asim Munir and Prime Minister Shehbaz Sharif to delay military action. The decision eased some immediate fears of renewed escalation, but continued blockade and lack of a finalized deal kept supply risks in focus.

Diplomatic uncertainty persists

Earlier Tuesday, a planned US delegation departure for a second round of talks in Pakistan was reportedly delayed due to additional policy meetings in Washington. Pakistan also stated that Iran’s participation in the Islamabad talks remained unresolved, with formal confirmation still awaited. Energy markets remain highly sensitive to developments around the ceasefire and the Strait of Hormuz, a critical route for global crude shipments. Prices had stabilized around $90-$95 after the strait reopened last week, but uncertainty over the durability of the truce has returned to the forefront.