Oil Extends Gain as Trump Casts Doubt Over Ceasefire With Iran

Oil pushed higher as US President Donald Trump cast doubt over the ceasefire with Iran after rejecting Tehran’s latest peace offer, prolonging the effective closure of the vital Strait of Hormuz.

Brent crude traded near $105 a barrel after advancing 2.9% in the previous session, while West Texas Intermediate was close to $99. Trump told reporters in the Oval Office that the truce was on “massive life support” while deriding the Iranian response to his proposal to end the 10-week war.