Oil prices cool as US extends Iran peace deadline
What's the story
Crude oil futures have eased on Friday morning, following the US's decision to extend the deadline for Iran to secure a peace deal by another 10 days. At 10:00am, June Brent oil futures stood at $101, down by 0.8%, while May crude oil futures on West Texas Intermediate (WTI) were priced at $93.7, down by 0.8%.
Market impact
Indian crude oil futures decline
The extension of the peace deal deadline has also affected Indian crude oil futures. April crude oil futures were trading at ₹8,866 on the Multi Commodity Exchange (MCX) during Friday's initial trading hour, down by 1.48% from the previous close of ₹8,999. May futures were trading at ₹8,597 against a previous close of ₹8,724, marking a decline of 1.46%.
Presidential statement
Trump announces peace deal deadline extension
US President Donald Trump announced the peace deal deadline extension on social media platform Truth Social. He wrote, "As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026." The president added that talks are ongoing and going well despite what some media outlets have reported.
Negotiation details
Iranian negotiators 'very different and strange': Trump
In a separate post, Trump described the Iranian negotiators as "very different and strange." He claimed they are "begging" for a deal due to their military defeat. However, he warned them to take negotiations seriously or risk facing dire consequences. The US proposal was reviewed in detail on Wednesday by senior Iranian officials and the representative of Iran's supreme leader.