Crude oil futures surged more than 2% in after-hours trading as investors became increasingly skeptical that the United States and Iran can iron out a peace agreement. Despite last week’s sharp decline, oil prices have been inching higher in the first two sessions of the trading week.
May West Texas Intermediate (WTI) crude oil futures advanced $2.19, or 2.44%, to $91.80 per barrel in futures trading on the New York Mercantile Exchange. US crude prices have rocketed 60% this year.
Brent, the global benchmark for oil prices, is flirting with $100 again. June Brent crude futures settled the Tuesday session up $0.58, or 0.59%, to $99.06 a barrel on London’s ICE Futures exchange. Brent has risen almost 63% this year.
In a Truth Social post, President Donald Trump announced that he would extend the ceasefire in Iran again so both sides can move forward on a peace deal.
“Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal,” Trump said in a statement.
“I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other.”
Meanwhile, Iranian officials have not made a trip to Pakistan for a second round of talks with Vice President JD Vance.
The regime in Tehran said that talks would be a “waste of time” and that Washington is unlikely to reach any “suitable agreement.
An advisor to the speaker of Iran’s parliament, Mohammad Baqer Qalibaf, called President Trump’s ceasefire extension “a ploy to buy time” for a surprise strike.
This comes a week after Washington and Tehran agreed to a two-week ceasefire to work toward establishing a ten-point framework.
In other energy commodities in futures trading, May natural gas futures were little changed at $2.69 per million British thermal units (Btu). May gasoline futures were also flat at $3.21 a gallon. May heating oil futures edged higher by $0.0626, or 1.72%, to $3.6985 per gallon.