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Oil prices slip as Trump announces indefinite Iran ceasefire extension, but Hormuz still tight
Business
Published on 24 April 2026
Ceasefire extended indefinitely, yet Strait of Hormuz stays barely open
Oil prices eased Wednesday after President Donald Trump announced an indefinite extension of the U.S.-Iran ceasefire, reducing fears of an immediate Middle East supply shock. Brent fell to $97.42 and WTI to $88.53. However, the Strait of Hormuz remains largely constrained, with reports noting only three ships passed in the past 24 hours.
- Trump extended the U.S.-Iran ceasefire indefinitely, easing near-term supply fears
- Brent crude dropped 1.08% to $97.42; WTI slipped to $88.53
- Despite the extension, Strait of Hormuz remains heavily restricted
- Only a handful of ships reportedly moved in the last 24 hours
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This summarization was done by Beige for a story published on 
Republic