Crude Oil Prices Rise As Hormuz Disruption Persists Despite Iran Ceasefire Extension

Last Updated:April 22, 2026, 04:57 IST

US crude rises as Trump unilaterally extends Iran ceasefire, Strait of Hormuz shipping remains heavily disrupted, blockade stays, markets fear prolonged supply risks.

US crude prices edged higher in early trading on Wednesday, even after Washington announced an indefinite extension of its ceasefire with Iran, as uncertainty over peace talks and continued disruption in the Strait of Hormuz kept markets on edge.

US West Texas Intermediate crude futures climbed to as high as $90.70 a barrel, before trading up 0.7% at $90.26. The benchmark had already gained 2.8% in the previous session, reflecting heightened concerns over supply constraints.

President Donald Trump said he would extend the ceasefire with Iran just hours before it was set to expire, allowing more time for negotiations aimed at ending the conflict, which has killed thousands and disrupted the global economy.

However, the announcement appeared to be unilateral, with no immediate confirmation from Iran or US ally Israel on whether they would adhere to the extension.

Trump also reiterated that the US naval blockade on Iranian ports would remain in place—a move Tehran has repeatedly described as an act of war.

While Iran’s top leadership has not officially responded, the IRGC-linked Tasnim News Agency reported that Tehran had not requested any ceasefire extension and warned it could move to break the blockade by force.

Meanwhile, shipping through the Strait of Hormuz—through which roughly 20% of the world’s oil and liquefied natural gas typically passes—remained severely disrupted. Data showed only three vessels transited the route in the past 24 hours, underscoring the scale of the ongoing supply bottleneck.

The continued slowdown in one of the world’s most critical energy corridors has raised fears of prolonged supply constraints, keeping oil markets volatile despite diplomatic efforts to ease tensions.

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