Oil prices dip as status of US-Iran peace talks remains unclear

oil prices dipped in asian trading on wednesday as confusion over u.s.-iran peace talks kept traders cautious. brent crude fell 0.3% to $98.20 a barrel, while west texas intermediate dropped 0.5% to $89.21. the moves followed a statement from donald trump, who said he would extend a ceasefire with iran but continue blockading its ports until tehran presents a "unified proposal." the initial two-week ceasefire was set to expire wednesday evening, with no new deadline given. trump claimed on truth social that the iranian government is "seriously fractured" and that the u.s. will hold off new attacks after pakistan requested more time. planned diplomacy also stalled: vice president jd vance canceled a trip to islamabad, and iran hasn't decided whether to send a delegation for talks. the strait of hormuz, a chokepoint for a fifth of the world's energy, has been effectively closed by iran since the conflict began, which previously sent crude prices soaring.