Oil prices climb 3% after Trump says he does not want to extend Iran ceasefire

BusinessOil prices climb 3% after Trump says he does not want to extend Iran ceasefireBy Reuters -Apr 21, 2026NEW YORK: Oil prices ​climbed about 3% on Tuesday after U.S. President Donald Trump said he did not want to extend a soon-to-expire ceasefire in the Iran ‌war and that the U.S. military was “raring to go” if negotiations do not succeed. Brent futures rose $2.48, or 2.6%, to $97.96 a barrel at 11:58 a.m. EDT (1558 GMT), while U.S. West Texas Intermediate (WTI) crude delivery rose $3.54, or 4.0%, to $93.15. The U.S. military said it seized a tanker linked to Iran in international waters, its latest apparent action to enforce a blockade. Shipping traffic ​through the Strait of Hormuz, which normally handles about 20% of global oil and liquefied natural gas (LNG) supplies, remained broadly halted on Tuesday ​with only three ships passing the waterway in the past 24 hours, shipping data showed. The European Union will provide guidance ⁠to airlines on how to handle issues such as airport slots, passenger rights and public service obligations in the event of jet fuel shortages ​because of the Iran war, the bloc’s transport chief said. German Economy Minister Katherina Reiche, opens new tab said supplies of jet fuel are not in danger as refineries adapt ​to increased demand, but added the government is monitoring the situation. RUSSIAN SUPPLIES Ukrainian President Volodymyr Zelenskiy, however, said the Druzhba oil pipeline pumping Russian oil to Europe is ready to resume operations, signaling that Ukraine now expects a 90 billion euro aid package to be unblocked. But three industry sources said Russia is set to stop oil exports from Kazakhstan to ​Germany via the Druzhba pipeline starting from May 1. Elsewhere in Russia, Ukrainian drones struck an oil-pumping and dispatch facility in Russia’s Samara region overnight. In Germany, ​the biggest economy in Europe, investor morale declined to its lowest level in more than three years in April as businesses started to fee...