Brent Crude Holds Below $95 On Ceasefire Extension Hopes Between US, Iran

Summary

- Global oil prices steadied on hopes of a US-Iran ceasefire extension for talks - Brent crude stayed below $95 a barrel; WTI hovered near $91 with little change - Strait of Hormuz remains largely closed, disrupting global oil supply chains Global oil prices steadied on cautious optimism that the United States and Iran may extend their fragile ceasefire, buying time for fresh negotiations to end a conflict that has rattled energy markets for weeks. Brent crude hovered below $95 a barrel, while West Texas Intermediate traded close to $91, after both benchmarks showed little movement in the previous session. Market sentiment found some support from indications that Washington and Tehran are considering a two-week extension of the ceasefire to allow space for diplomacy. Despite the tentative diplomatic progress, disruptions in the Strait of Hormuz continue to weigh heavily on global supply chains. The critical shipping corridor, which links the Persian Gulf to international markets, remains largely shut as the conflict enters its seventh week. A US-led naval blockade has curtailed Iranian oil flows, while Tehran has responded by restricting broader maritime movement in the region. Iranian military officials have warned that any prolonged blockade could be seen as a breach of the ceasefire, raising the risk of further escalation. Authorities have also signaled that energy shipments across key waterways — including the Persian Gulf and nearby seas — could be halted if tensions intensify. The conflict has triggered a significant supply shock, pushing up inflationary pressures globally while dampening economic growth prospects. Policymakers meeting in Washington this week have expressed concern over the uncertainty, with officials warning that prolonged disruption could have far-reaching economic consequences. ALSO READ: Trump's Hormuz Blockade: 9 Ships Returned Towards Iranian Port, Says US CENTCOM US Inventories Fall, Exports Surge Adding another layer to the market dynamics, recent US data showed declines in crude and refined fuel inventories. At the same time, strong overseas demand — particularly from Asian buyers — has driven American oil and fuel exports to record levels, as countries scramble to secure alternative supplies. While ceasefire extension talks have injected a degree of calm, major sticking points remain unresolved. Earlier discussions failed to produce a breakthrough, and negotiators are now working to initiate more detailed technical talks. Key issues include reopening the Strait of Hormuz and addressing concerns around Iran's nuclear program — both seen as critical to achieving a lasting resolution. Until then, oil markets are likely to remain sensitive to every headline emerging from the negotiations. ALSO READ: Oil Windfall: How Saudi, Russian And US Suppliers Drew Up To $30M/Hour Amid Iran Conflict Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.