Oil prices steady as investors assess outlook for US-Iran peace talks

Oil prices were largely flat on Wednesday, April 22, 2026, after rising about $1 at the start of Asian trading, with investors assessing the outlook for ‌United States-Iran peace talks following the U.S. extension of a ceasefire.

Brent crude futures were up 3 cents, or 0.02%, at $98.51 a barrel at 0438 GMT, after touching $99.38 per barrel earlier in the session.

West Texas Intermediate futures were down 13 cents, or 0.14%, to $89.53 after climbing as high as $90.71 at the open.

Both benchmark contracts rose about 3% on Tuesday.

U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran, hours before its expiry, to allow talks to ⁠continue to end a war that has killed thousands and shaken the global economy.

The move appeared unilateral, and it was not immediately clear whether Iran, or U.S. ally Israel, would agree to extend the truce, which began two weeks ago.

Trump added that the U.S. Navy would maintain its blockade of Iran’s ports and shore, which Iranian leaders have called an act of war.

NNPC supplies over 6.8m barrels of crude to Dangote Refinery in April

There was no immediate comment from Iran’s most senior leaders on Trump’s ceasefire extension. ‌

Tasnim News ⁠Agency, affiliated with Iran’s Revolutionary Guards, said Iran had not asked for the extension and repeated its position of breaking the U.S. blockade by force.

“With the outcome of talks still unclear and the Strait of Hormuz closed, the market lacks clear direction. Unless fighting resumes, prices are likely to stay near the current levels for now,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.

Data showed that shipping traffic through the Strait of Hormuz, which normally channels about 20% of global oil and liquefied natural gas supplies, remained broadly halted on Tuesday with only three ships passing along the waterway in the past 24 hours.