Oil Prices Decline as Trump Extends Ceasefire with Iran

AI Summary

Oil prices fell on Wednesday due to ongoing tensions in the U.S.–Iran conflict, despite President Trump's extension of a ceasefire. Brent crude decreased by 0.59% to $97.91 per barrel, while U.S. West Texas Intermediate (WTI) futures dropped 0.95% to $88.82 per barrel. The ceasefire extension comes amid a 'seriously fractured' political landscape in Iran, where the U.S. blockade on Iranian ports will continue until a unified proposal is presented. The uncertainty in negotiations may further impact oil prices and market sentiment in the near term.