Oil prices remained elevated, with Brent crude at $98.32 and WTI at $89.36 per barrel, following US President Donald Trump's extension of a ceasefire with Iran. Despite this truce, the US continues to enforce a blockade in the Strait of Hormuz, a critical passage for global oil, which handles about 20% of crude flows. This blockade has led to significant shipping disruptions, contributing to increased market volatility reminiscent of the pandemic. Reports indicate that multiple vessels have faced interceptions, further tightening supply. Diplomatic efforts to ease tensions appear fragile, with planned talks in Islamabad now uncertain. The US aims to maintain economic pressure on Iran, targeting its oil exports and revenue channels, which keeps the market on edge regarding potential price increases.