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Oil prices extended losses on Wednesday after U.S. President Donald Trump prolonged the ceasefire near its deadline to allow time for a potential deal, while keeping the blockade on Iranian ports in place.
International benchmark Brent crude decreased 0.7% to $97.8 per barrel, while the U.S. benchmark WTI crude fell 1% to $88.7 per barrel, reflecting cautious sentiment.
Equity markets in Asia showed a mixed response. Japan’s Nikkei 225 moved up 0.3%, and South Korea’s Kospi added 0.5%. China’s Shanghai Composite also gained 0.3%, while Hong Kong’s Hang Seng dropped 1.4%.
In Europe, Stoxx 50 futures held steady, and U.S. index futures pointed higher, suggesting investors were not fully pricing in escalation risks.
Precious metals and digital assets moved in the opposite direction. Gold rebounded 1% to $4,770, while silver jumped 2.5% to $78.5 per ounce. Palladium and platinum climbed around 2%, reaching $1,560 and $2,060, respectively.
Cryptocurrencies also rallied, with Bitcoin and Ethereum rising as much as 3% to $77,980 and $2,390. The total crypto market capitalization reached $2.6 trillion.
With the initial two-week truce nearing its end, Trump opted to extend it indefinitely at Pakistan's request, which has been acting as a mediator. He emphasized the need to give Iran’s leadership time to prepare a proposal, describing it as "fractured." Earlier, he had signaled he would not prolong the ceasefire and warned of renewed military strikes if it expired.
Despite holding back from fresh attacks, Washington kept its blockade in place, barring Iranian vessels from crossing the Strait of Hormuz in a bid to squeeze Tehran’s seaborne trade, with President Donald Trump claiming the pressure costs Iran around $500 million per day. In response, Iran has also restricted traffic through the strait, further tightening global energy supply.
Uncertainty deepened around planned negotiations in Islamabad. A White House official indicated that Vice President JD Vance would not travel as expected, pending an Iranian proposal.
Tehran, however, signaled reluctance to engage. Officials rejected participation due to unreasonable U.S. demands,while the semi-official Tasnim news agency reported that no delegation was expected to attend.
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