Oil prices remained elevated despite President Donald Trump announcing an extension of the ceasefire with Iran, even as markets showed signs of easing tension. Brent crude briefly surged past US$100 (RM395.40) a barrel before settling at US$99 (RM391.45), still up nearly 4% for the day. U.S. benchmark West Texas Intermediate also rose, though more modestly.
Ceasefire Extension Fails to Ease Oil Market Pressure
Trump said Washington would hold off further strikes at Pakistan’s request to allow Tehran time to finalize proposals. Without the extension, the ceasefire was set to expire Wednesday, with Trump warning of attacks on Iran’s energy and public infrastructure. Yet progress in negotiations remains limited.
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