Oil slipped after Washington and Tehran tentatively agreed to extend a 60‑day truce, a move that could lift shipping through the Strait of Hormuz. West Texas Intermediate fell toward $88 a barrel in a volatile session, while Brent closed near $94. The deal hinges on President Donald Trump’s approval, who has yet to sign off for the energy market today.

Market participants watched closely as the tentative agreement could restore flow of crude and refined products, easing supply tightness that has pushed prices higher. Analysts note that the 60‑day extension gives companies time to adjust logistics and reassess exposure to geopolitical risk. The uncertainty over final approval keeps traders wary, keeping volatility alive for the next trading session today again.

Oil’s decline reflects the market’s mixed reaction to the truce extension, balancing optimism about resumed shipping against doubts over the deal’s durability. With prices hovering near $94 for Brent, investors will monitor President Trump’s stance closely. Until the ceasefire is formally ratified, traders will likely keep a tight eye on any shifts in supply dynamics for the next week.