Oil prices pared their gains on Tuesday after briefly surging past the $100 per barrel mark, following President Donald Trump’s announcement that the ceasefire with Iran would be extended until Tehran submits a proposal.
اضافة اعلان
Brent crude futures experienced sharp volatility, closing up nearly 3% at the settlement. Prices then spiked by more than 5% to a session high of $101.15 following reports that U.S. Vice President JD Vance had canceled his scheduled peace talks in Islamabad.
Prices later retreated after Trump clarified that the ceasefire would remain in effect until Iranian leaders present what he described as a "unified proposal" and talks conclude, while reaffirming that the U.S. naval blockade on Iran remains in place.
Geopolitical Tension & Market Reaction
Tehran had previously stated it had not yet decided on participating in the talks. However, an advisor to Mohammad Bagher Ghalibaf, Iran's chief negotiator, dismissed Trump’s announcement as a "maneuver to buy time" for a surprise attack.
Brent Crude Futures: Rose $4.22, or 4.4%, to settle at $99.67 per barrel in post-settlement trading.
U.S. West Texas Intermediate (WTI): Increased by $2.52, or 2.8%, to $92.13.
Maritime Stagnation in Hormuz
Shipping data revealed that traffic through the Strait of Hormuz—which typically handles 20% of global oil and LNG supplies—remained virtually at a standstill on Tuesday, with only three vessels transiting in 24 hours.
Saad Rahim, Chief Economist at Trafigura, noted at the Financial Times Global Commodities Summit: "You have already lost a billion barrels so far, even if this crisis were resolved tomorrow. If this continues for another month, the loss will reach 1.5 billion barrels."
(Source: Reuters)
