Oil edge lower as fragile Iran ceasefire extension clouds outlook

oil edged lower on wednesday as uncertainty lingered over the u.s.–iran conflict. president donald trump extended a fragile ceasefire with tehran but signaled tensions remain far from resolved. brent crude declined 0.68% to $97.81 per barrel, while wti lost 0.29% to $89.04. trump said the u.s. would prolong its temporary truce, citing a "seriously fractured" political situation within iran. the ceasefire will remain until iranian leaders present a unified proposal to end hostilities with washington and israel. the move followed confusion on tuesday, when oil prices initially rose after it became clear vice president jd vance had not departed for pakistan for planned talks. however, iranian state news reported tehran's negotiators informed their u.s. counterparts they would not appear, calling further talks "a waste of time."