Oil Prices Fluctuate Amid Uncertainty Over US-Iran Peace Talks
Global oil prices experienced fluctuations during early Asian trading on Wednesday as the status of peace negotiations between the United States and Iran remains uncertain.
On Tuesday, US President Donald Trump announced that he would extend a ceasefire with Iran until progress is made in talks between the two nations. He further stated that the US will maintain its blockade of Iran's ports until Tehran presents a
"unified proposal".
Following an initial rise, Brent crude prices fell by 0.2% to $98.32 (£72.73) per barrel, while West Texas Intermediate (WTI) decreased by 0.3% to $89.41.
Energy markets have been volatile since the US and Israel launched attacks on Iran on 28 February, prompting Tehran to threaten targeting vessels in the strategically important Strait of Hormuz waterway.
The original two-week ceasefire was set to expire on Wednesday evening, Washington time. However, President Trump did not specify a new deadline for the extended ceasefire.
In a post on Truth Social, Trump remarked that the Iranian government has been
"seriously fractured"and that the US will refrain from initiating new attacks following Pakistan's request for additional time to facilitate an agreement with Tehran.
Vice President JD Vance, who is leading the US negotiation efforts, was expected to travel to Islamabad, Pakistan, for talks on Tuesday. The White House has since announced that he will not be making the trip.
Additionally, Iran has yet to decide whether to dispatch a delegation to Pakistan for discussions with the US, according to a spokesperson from Iran's foreign ministry who spoke to the BBC.
