Oil falls as US Navy seizure clouds Iran ceasefire talks
Business
Oil prices slid on Tuesday as the world waits to see if the US and Iran can agree on extending their cease-fire.
Tensions spiked after the US Navy seized an Iranian ship, with Iran accusing the US of breaking the truce, even though the US has confirmed participation in the next round of talks in Pakistan, while Iran has not yet committed.
Brent $94.98 WTI $86.65 amid blockade
Brent crude dropped to $94.98 a barrel and WTI fell to $86.65, making markets nervous ahead of the cease-fire's April 21, 2026 deadline.
The naval blockade is squeezing about one-fifth of global oil and gas supplies, hitting countries like India especially hard.
While India scrambles to keep its ships safe, Pakistan is trying to get everyone back to the table for real peace talks.