- WTI falls after Donald Trump said the US will pause attacks on Iran’s energy sector for 10 days.
- Trump said Iran allowed 10 oil tankers through the Strait of Hormuz as a goodwill gesture under Pakistan’s flag.
- Iran denied making any request to US, highlighting fragile diplomacy and low chances of a near-term ceasefire.
West Texas Intermediate (WTI) depreciates after two days of gains, trading around $91.80 per barrel during the Asian hours on Friday. Crude oil prices fell after US President Donald Trump said Washington would pause attacks on Iran’s energy sector for 10 days, extending the earlier April 6 deadline to allow more time for negotiations. Trump indicated the move came in response to a request from Tehran.
President Trump also said Iran had allowed 10 oil tankers to transit the Strait of Hormuz as a goodwill gesture, noting that the vessels were flying Pakistan’s flag. The conflict has nearly halted shipments through the Strait, a key chokepoint that typically handles about one-fifth of global crude oil and LNG flows.
However, The Wall Street Journal reported that mediators said Iran denied making any such request, highlighting the fragility of the diplomatic process and the low probability of a near-term ceasefire.
Meanwhile, the Pentagon is weighing plans to deploy up to 10,000 additional ground troops to the Middle East. Defence officials said the option is designed to preserve strategic flexibility—allowing for rapid escalation if talks collapse while maintaining a credible deterrent.
US Treasury Secretary Scott Bessent said on Thursday that an insurance program aimed at boosting shipping through the waterway will begin soon. The initiative, first announced by Trump on March 3, involves the US International Development Finance Corporation providing insurance guarantees, along with naval escorts, to ensure the safe passage of oil tankers and other vessels.
Iran confirmed it had rejected the US 15-point proposal to end the war and instead submitted its own terms, including recognition of Tehran’s authority over the Strait of Hormuz. The Islamic Republic outlined five conditions under which it would consider ending the conflict.
