Summary
- International oil prices edged lower even after the ceasefire extension between the US and Iran, as the underlying conflict remained unresolved.
- Global benchmark Brent crude fell 0.68%% to $97.81 a barrel, while WTI slipped 0.29%% to $89.04.
- Markets view the ceasefire extension as reducing the risk of a short-term military clash while also highlighting divisions inside Iran and a deadlock in negotiations.
Forecast Trend Report by Period
International oil prices edged lower even after the United States extended its ceasefire with Iran, as the underlying conflict remained unresolved.
CNBC reported on April 21 that President Donald Trump extended a temporary ceasefire with Iran. Oil prices posted only modest declines as expectations for a broader resolution stayed limited.
Global benchmark Brent crude fell 0.68% from the previous session to $97.81 a barrel, while West Texas Intermediate slipped 0.29% to $89.04.
Trump wrote on Truth Social that Iran's domestic political situation is "seriously divided" and that he would extend the ceasefire beyond the original deadline. The ceasefire will remain in place until Iran's leadership presents a unified proposal to end its conflict with the US and Israel, he added.
The US, however, plans to keep blockade measures on Iranian ports in place. Markets view the ceasefire extension as reducing the risk of a short-term military clash while also highlighting divisions inside Iran and a deadlock in negotiations.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
