Oil hover near $100 as Iran ceasefire extension tests markets
Oil hover near $100 as Iran ceasefire extension tests markets
Oil prices hold steady near $100 as Trump extends Iran ceasefire and Hormuz shipping remains disrupted, keeping supply risk and volatility in play.
In early Asian trade, crude prices stayed largely unchanged as President Trump extended a ceasefire with Iran to allow more time for talks. Brent crude hovered around $98 a barrel, with WTI near $90; Brent briefly touched the $100 mark after Vice President Vance canceled a visit to Pakistan to participate in Iran discussions. Shipping through the Strait of Hormuz remained largely blocked, with only a handful of vessels crossing in the past 24 hours, underscoring persistent supply risks in a key global route. Analysts say the market is being buoyed by a risk premium and that prices could push higher if disruptions endure, even if fundamentals for crude supply do not show a quick recovery.
Even with signals of diplomatic progress, traders note that a full rebound in oil flows would likely take months. The market remains sensitive to geopolitical headlines rather than concrete improvements in supply, keeping volatility elevated as talks continue.
Beyond the price moves, the broader energy picture remains tied to regional tensions, with energy traders watching every development for hints about future shipments and policy shifts that could ripple through markets.
