Crude oil futures edge lower after Trump extends Iran ceasefire
Trump says Iran wants Strait of Hormuz open to make $500 million a day.
Crude oil futures traded marginally lower on Wednesday morning after US President Donald Trump indefinitely extended a ceasefire with Iran.
At 9.10 am on Wednesday, June Brent oil futures were at $98.40, down by 0.08 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $89.46, down by 0.23 per cent. May crude oil futures were trading at ₹8,398 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8,437, down by 0.46 per cent, and June futures were trading at ₹8,090 against the previous close of ₹8,116, down by 0.32 per cent.
In a post on the social media platform Truth Social, Trump said: “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. 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.”
In another post, he said: “Iran doesn’t want the Strait of Hormuz closed, they want it open so they can make $500 Million Dollars a day (which is, therefore, what they are losing if it is closed!). They only say they want it closed because I have it totally BLOCKADED (CLOSED!), so they merely want to “save face.” 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, their leaders included!”
Meanwhile, Seyed Abbas Araghchi, Foreign Minister of Iran, posted on X that blockading Iranian ports is an act of war and thus a violation of the ceasefire. Striking a commercial vessel and taking its crew hostage is an even greater violation, he said, adding, “Iran knows how to neutralize restrictions, how to defend its interests, and how to resist bullying.”
Published on April 22, 2026
