Crude oil futures experienced a slight decline on Wednesday morning following an indefinite ceasefire extension with Iran announced by U.S. President Donald Trump.
As of 9:10 AM on Wednesday, June Brent crude oil futures were priced at $98.40, reflecting a decrease of 0.08 percent. Meanwhile, June crude oil futures for West Texas Intermediate (WTI) were at $89.46, down 0.23 percent. In the Multi Commodity Exchange (MCX) market, May crude oil futures were trading at ₹8,398, a drop of 0.46 percent from the prior close of ₹8,437, while June futures were priced at ₹8,090, down 0.32 percent from ₹8,116.
In a post on the social media platform Truth Social, Trump stated, “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 present a unified proposal. I have therefore directed our Military to continue the blockade and remain ready and able, extending the ceasefire until their proposal is submitted and discussions are concluded.”
In a subsequent post, Trump articulated his perspective on Iran’s position regarding the Strait of Hormuz, claiming, “Iran doesn’t want the Strait of Hormuz closed; they want it open so they can make $500 million a day. They only say they want it closed because I have it totally blockaded. People approached me four days ago, saying, ‘Sir, Iran wants to open up the Strait immediately.’ But if we do that, there can never be a deal with Iran unless we blow up the rest of their country and their leaders included!”
Iran’s Foreign Minister, Seyed Abbas Araghchi, responded via a post on X, characterizing the blockade of Iranian ports as an act of war and a violation of the ceasefire agreement. He stated that targeting a commercial vessel and taking its crew hostage represents an even more significant breach, adding, “Iran knows how to neutralize restrictions, how to defend its interests, and how to resist bullying.”
Published on April 22, 2026.
