Oil Prices Surge as US Extends Ceasefire with Iran

Apr 22, 2026

43 min

Apr 22, 2026 00:30

Crude oil spikes, Brent near $100 as US announces indefinite extension of ceasefire with Iran

## Oil Market Reaction

On April 22, 2026, global crude oil prices saw a significant increase following the United States' decision to indefinitely extend its ceasefire agreement with Iran. This development led to a notable rise in both Brent and West Texas Intermediate (WTI) crude futures.

## Price Movements

Brent crude futures experienced a 3.14% increase, reaching $98.48 per barrel. Meanwhile, WTI futures climbed by 1.1%, hitting $90.66 per barrel as of early morning Tokyo time. The upward trend continued with WTI reaching as high as $90.70 per barrel, eventually settling at $90.26, marking a 0.7% rise.

## Market Implications

The extension of the ceasefire has created a ripple effect in the oil markets, with traders reacting to the potential for reduced geopolitical tensions. This situation has contributed to the upward pressure on oil prices, reflecting the market's sensitivity to geopolitical developments.

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