Oil prices experienced a decline on April 22, 2026, as investors assessed the ongoing US-Iran peace talks. This comes after an initial rise in prices during early Asian trading hours.
Brent crude futures decreased by 21 cents, or 0.2%, to $98.27 per barrel, having reached $99.38 earlier in the session.
West Texas Intermediate (WTI) futures fell by 28 cents, or 0.3%, to $89.39 per barrel, after climbing to $90.71. Both benchmarks had seen a 3% increase the previous day.
US President Donald Trump announced an indefinite extension of the ceasefire with Iran, hours before its expiry.
This decision aims to facilitate ongoing talks to end a conflict that has significantly impacted the global economy. However, the unilateral nature of the extension raises questions about Iran's and Israel's responses.
The Strait of Hormuz, a critical channel for about 20% of global oil and liquefied natural gas supplies, remains largely closed.
Only 3 ships passed through the waterway in the past 24 hours, according to shipping data. The US Navy continues its blockade of Iran’s ports, which Iran views as an act of war.
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In the Middle East, tensions persist as the Israeli military reported rocket fire from Hezbollah in southern Lebanon, accusing the group of violating a ceasefire.
Meanwhile, in Europe, Ukrainian President Volodymyr Zelenskiy announced the readiness of the Druzhba oil pipeline to resume operations, although Russia plans to halt exports from Kazakhstan to Germany via this pipeline starting May 1.
The US Energy Information Administration is set to release inventory data later today. Preliminary figures from the American Petroleum Institute indicate a 4.5 million barrel decline in US crude oil inventory last week, following 3 weeks of gains.
Gasoline and distillate stocks also saw a decrease.
Oil prices are currently fluctuating as investors closely monitor developments in US-Iran peace talks and regional tensions. The situation in the Strait of Hormuz and changes in oil supply routes continue to influence market dynamics.
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Published on: Apr 22, 2026, 8:11 AM IST
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