Oil prices rise above $90 as Iran seizes ships in Strait of Hormuz after Trump extends ceasefire

Oil prices rose Wednesday, as Iran claimed to have seized two ships in the Strait of Hormuz shortly after President Donald Trump extended the ceasefire. International benchmark Brent crude rose more than 2% to $100.91 per barrel by 11:18 a.m. ET. U.S. West Texas Intermediate futures advanced more than 2% to $91.81 per barrel. Iran's Revolutionary Guard said Wednesday that it seized two container ships as they tried to cross the strait "without authorization," according to the state news agency Tasnim. Trump said Tuesday that the U.S. would prolong its temporary truce with Iran beyond the previously set deadline, citing a "seriously fractured" political situation within Tehran. The ceasefire will remain in place until Iranian leaders present a unified proposal to end hostilities with Washington and Israel, he said in a post on Truth Social. In the meantime, the U.S. would continue its blockade of Iran's ports. The ceasefire extension underscores the uncertain path toward de-escalation. While the move delays the risk of imminent military strikes, it also highlights deep divisions within Iran's leadership and the lack of a clear diplomatic breakthrough. Russ Mould, investment director at AJ Bell, said in a Wednesday note that mixed messages from Trump, and the president's insistence that the U.S. blockade will continue, meant investors were "still playing a guessing game." "Suggestions from the Iranian side that they will not attend today's talks in Pakistan and an attack on a container ship off Oman add to the fog of uncertainty," Mould said. "Having tipped into alarm bell territory above $100 per barrel, oil prices have now dipped below this level — but they still tell a story of distress in global energy markets."