Following US President Donald Trump’s announcement that he would prolong a truce with Iran until peace negotiations between the two nations have advanced, global oil prices both dropped and increased on Wednesday.
The US will keep blocking Iran’s ports until Tehran makes a “unified proposal,” he continued. The worldwide benchmark wholesale oil price fell to $97.60 (£72.14) per barrel after opening higher in Asia.
However, when news of ships being assaulted in the Strait of Hormuz surfaced, the price increased once more, temporarily reaching $100 per barrel before modestly declining. Since the US and Israel bombed Iran on February 28 and Tehran retaliated by threatening to target ships in the vital Strait of Hormuz waterway, energy markets have been unstable.
On Wednesday night, Washington time, the first two-week truce was scheduled to end. Trump did not provide a revised ceasefire extension deadline. Following Pakistan’s request for additional time for Tehran to reach a settlement, Trump stated on Truth Social that the Iranian leadership has been “seriously fractured” and that the US will refrain from initiating new assaults.
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