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Trump’s Cease-Fire Extension Boosts Oil Prices Amid Iran Tensions

4/23/2026

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Summary

Story summary

U.S. President Donald Trump extended an indefinite cease-fire, which helped lift oil futures.
The United States kept its naval blockade on ships entering and leaving Iran.
Iran fired on vessels trying to cross the Strait of Hormuz, tightening oil supply.
WTI crude rose 1.1% to $94.01 a barrel while Brent crude climbed 0.8% to $102.77.
Dennis Kissler of BOK Financial said the U.S.–Iran stalemate is driving demand destruction.

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Story summary

U.S. President Donald Trump extended an indefinite cease-fire, which helped lift oil futures.
The United States kept its naval blockade on ships entering and leaving Iran.
Iran fired on vessels trying to cross the Strait of Hormuz, tightening oil supply.
WTI crude rose 1.1% to $94.01 a barrel while Brent crude climbed 0.8% to $102.77.
Dennis Kissler of BOK Financial said the U.S.–Iran stalemate is driving demand destruction.