22.04.202606:14:08UTC+00Brent Slips as Trump Extends Ceasefire

Brent crude futures slipped below $98 per barrel on Wednesday, relinquishing part of the previous session’s gains after President Donald Trump extended the US–Iran ceasefire, saying Iran’s leadership was “seriously fractured.” He stated that the truce would remain in force until Iran’s leaders submit a “unified proposal” to end the conflict.

At the same time, reports indicated that Vice President JD Vance canceled a planned trip to Islamabad for negotiations after Tehran informed the US via Pakistan that it would not participate in the meeting. Iran also said it would not reopen the Strait of Hormuz as long as the US Navy continues to intercept vessels.

The conflict continues to tighten market conditions, with estimates of demand destruction already approaching 4 million barrels per day and potentially rising to 5 million barrels per day—about 5% of global supply—with Asia expected to bear the greatest impact.