Oil climbs as US extends ceasefire, delaying Iran peace talks

Oil futures rose after the US extended its ceasefire with Iran, postponing a new round of peace talks. Brent crude traded above $93 a barrel and WTI around $89.70 as tensions in the Strait of Hormuz persisted. President Trump said the extension was at Pakistan’s request while awaiting Iran’s response to Washington’s proposals; the White House also paused Vice President Vance’s trip amid stalled negotiations, and the Pentagon is weighing broader options. Markets remain uncertain whether talks will resume or lead to further escalation.