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Oil prices declined as the global commodity market reacted to a tentative 60-day ceasefire extension between the United States and Iran, pending President Trump’s approval, easing oil price pressures and broadly supporting emerging-market currencies.

Global oil prices rally on Thursday on renewed tensions between the United States (U.S.) and the Iranian military over the Strait of Hormuz, despite ongoing peace talks between Washington and Tehran.

Oil prices fell as uncertainties surrounding negotiations between Iran and the US, and rising tensions, weakened expectations for the reopening of the Strait of Hormuz.

Brent crude prices rose on Tuesday following US military strikes targeting Iran, underscoring the fragility of ongoing diplomatic efforts toward a possible agreement.

Oil prices fell by more than 5% on Monday as the US and Iran drew closer to a peace agreement. Brent crude traded at $95.10 per barrel, down around 5.1% from the previous close of $100.21.

Oil prices increased on Friday despite optimism over US-Iran talks, suggesting tensions in the region could ease, while markets continued to price in the risk of renewed escalation in the conflict.

Oil prices rose on Thursday as a sharper-than-expected decline in US crude inventories reinforced concerns over tightening supply. Meanwhile, ongoing negotiations between Washington and Tehran helped limit fears of broader escalation in the Middle East.

Oil prices declined on Tuesday after President Donald Trump announced that he postponed a military strike against Iran after direct appeals from the leaders of Qatar, Saudi Arabia, and the United Arab Emirates.

Oil prices rose on Monday as efforts to balance the global demand and supply equation continued to yield less favourable outcomes, with US President Donald Trump’s ‘clock is ticking’ warning to Iran.

Brent and US West Texas Intermediate light sweet crude oil prices saw strong weekly gains of about 10% on a week-on-week basis as renewed concerns over US-Iran tensions and possible disruptions to crude flows through the Strait of Hormuz kept geopolitical risks at the centre of market sentiment