Oil prices fall amid possible U.S.-Iran ceasefire
Oil prices pulled back from intraday highs on Thursday. The move came after reports that U.S. and Iranian negotiators had reached an agreement to extend the ceasefire.
According to Axios, the sides agreed on a 60-day memorandum of understanding that would extend the ceasefire and launch talks on Iran’s nuclear program. However, the agreement still needs to be approved by U.S. President Donald Trump.
Brent futures, the international oil benchmark, rose 35 cents to $94.64 per barrel. West Texas Intermediate futures gained 58 cents to $89.26 per barrel.
Iran’s attack on a U.S. base
Earlier on Thursday, oil prices had climbed after Iran’s Islamic Revolutionary Guard Corps said it had attacked a U.S. air base at around 4:50 a.m. local time. Iran’s Tasnim news agency reported the statement. However, the IRGC did not specify which base was targeted.
The alleged attack came after new U.S. strikes on Iranian territory. According to a U.S. official, the target was a military facility believed to pose a threat to American forces and commercial shipping through the Strait of Hormuz. Several Iranian drones were also reportedly intercepted and destroyed.
When the conflict began
The current military conflict between the U.S. and Iran began in February 2026 and gradually moved beyond isolated strikes. As the escalation developed, the sides exchanged attacks, while the Strait of Hormuz became the main source of concern for markets — one of the key routes for global oil trade. Any threat to shipping in this area is immediately seen as a risk of supply disruptions from the Persian Gulf.
That is why the conflict quickly affected oil prices. Investors began pricing in the possibility of restrictions or a blockade of tanker traffic through the Strait of Hormuz, even though the real scale of disruptions remained unclear. Amid attacks, statements from both sides, and uncertainty over control of the strait, oil prices rose, while reports of a ceasefire and possible talks between Washington and Tehran led to a pullback.
As a reminder, China’s oil imports could fall to their lowest level since the pandemic.
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