Oil prices fluctuate as Trump extends Iran war ceasefire

Global oil prices fell and rose again on Wednesday after US President Donald Trump said he would extend a ceasefire with Iran until peace talks between the two countries have progressed. He added that the US will continue to blockade Iran's ports until Tehran presents a "unified proposal". After opening higher in Asia, the global benchmark wholesale oil price dipped to $97.60 (£72.14) a barrel. But the price rose again as reports of ships being attacked in the Strait of Hormuz emerged, with the price briefly hitting $100 a barrel before falling back slightly. Energy markets have been volatile since the US and Israel attacked Iran on 28 February and Tehran responded with threats to target vessels in the key Strait of Hormuz waterway. The initial two-week ceasefire had been due to expire on Wednesday evening Washington time. Trump did not give a new deadline for the ceasefire extension. Trump said on Truth Social that the Iranian government has been "seriously fractured" and that the US will hold off from launching new attacks after Pakistan called for more time for Tehran to agree a deal. Vice President JD Vance, who is leading the US negotiations, had been expected to fly to Islama