US Extends Iran Ceasefire as Oil Prices Stay Near $100

Oil prices remained elevated near $100 a barrel on Thursday, pressured by persistent tensions in the Strait of Hormuz despite U.S. President Donald Trump's announcement of an indefinite extension to the ceasefire with Iran. The extension, requested by Pakistani mediators, came hours before the previous truce was set to expire, but the U.S. naval blockade of Iranian ports continues, constraining shipping through the vital waterway that carries about 20 percent of global oil and liquefied natural gas flows.

Brent crude settled at $101.76 a barrel, down 15 cents from the previous day but above $100 for the first time in over two weeks. West Texas Intermediate futures fell 14 cents to $92.82. Prices had climbed more than 3 percent on Wednesday, supported by larger-than-expected draws in U.S. gasoline and distillate inventories, which fell by 4.6 million and 3.4 million barrels respectively, signaling robust domestic demand. U.S. crude stockpiles rose by 1.9 million barrels, while exports hit a record 12.88 million barrels per day as Asian and European buyers sought alternatives to disrupted Middle East supplies.

The ceasefire extension offers limited immediate relief, as Iran...