US crude oil prices rose in early trading despite Washington’s announcement of an indefinite extension of a ceasefire with Iran, as uncertainty over peace negotiations and supply routes persisted.
US West Texas Intermediate (WTI) crude futures climbed to as high as $90.70 per barrel before settling at $90.26, up 59 cents, or 0.7 per cent, at 22:15 GMT (3:15am PKT), according to Reuters.
The benchmark contract had already gained 2.8 per cent in the previous session, reflecting continued volatility in global energy markets.
Market sentiment remained cautious as doubts persisted over the stability of US-Iran peace talks and the status of the Strait of Hormuz, a critical global oil shipping route.