Global oil prices moved unevenly in early Asian trading on Wednesday as uncertainty persisted over the progress of US-Iran peace negotiations.
On Tuesday, US President Donald Trump said he would extend the ceasefire with Iran while discussions continue. He added that Washington would maintain its blockade of Iranian ports until Tehran presents what he described as a “unified proposal.”
After opening higher, Brent crude slipped 0.2% to $98.32 (£72.73) per barrel, while West Texas Intermediate fell 0.3% to $89.41.
Energy markets have remained volatile since the US and Israel launched strikes on Iran on 28 February, prompting Tehran to threaten shipping in the strategically vital Strait of Hormuz.
The original two-week ceasefire had been set to expire on Wednesday evening Washington time, but no new deadline was announced for its extension.
Posting on Truth Social, Trump said Iran’s government appeared “seriously fractured” and signaled the US would refrain from further attacks after Pakistan requested additional time for Tehran to reach an agreement.
Vice President JD Vance, who is overseeing the US side of the negotiations, had been expected to travel to Islamabad for talks on Tuesday. However, the White House has since confirmed that the trip will not take place.
Iran has also yet to decide whether it will send a delegation to Pakistan for discussions with the US, according to a foreign ministry spokesperson.
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