A tugboat guides the Russian oil tanker Anatoly Kolodkin as it arrives at the oil terminal in the port of Matanzas, northwestern Cuba, on March 31, 2026. (Photo by Yamil Lage/AFP via Getty Images)
Yamil lage | AFP | getty images
Oil prices edged lower on Wednesday as uncertainty remained over the path of the US-Iran conflict, after President Donald Trump brokered a fragile truce with Tehran but signaled tensions were still far from resolved.
International benchmark Brent crude and US West Texas Intermediate futures both declined, with Brent falling 0.68% to $97.81 a barrel, while WTI fell 0.29% to $89.04 a barrel.
The move came after Trump said the US would extend its temporary ceasefire with Iran beyond a previously scheduled deadline, citing the “severely fractured” political situation within Tehran.
The ceasefire will remain in place until Iranian leaders present a unified proposal to end hostilities with Washington and Israel, he said in a post on Truth Social. Meanwhile, the US will continue its blockade of Iran’s ports.
The ceasefire extension outlines the uncertain path towards de-escalation. While the move delays the risk of imminent military attacks, it also highlights deep divisions within Iran’s leadership and the lack of clear diplomatic success.
Earlier on Tuesday, oil prices rose after it became clear that Vice President JD Vance was not scheduled to leave for Pakistan, where peace talks with Iran were to resume.
However, Iranian state news outlet Tasnim reported that Tehran negotiators had informed their US counterparts through an intermediary in Pakistan that they would not be present for further talks.
“Iran finally announced today that under these circumstances, participating in negotiations is a waste of time as it prevents the US from reaching any suitable agreement,” Tasnim reported.
