Oil steady amid fragile US, Iran ceasefire

April 10, 2026 (MLN):  Oil prices remained steady as geopolitical tensions surrounding the Strait of Hormuz intensified, with the key maritime passage still largely disrupted despite a reported ceasefire agreement between the United States and Iran.

Currently, however, Brent crude futures are slightly down  by $0.20, or 0.21%, to $96.66 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures increased by $0.50, or 0.51%, to $98.37 per barrel by [10:21 am] PST.

U.S. President Donald Trump issued a warning on Thursday, urging Iran to immediately halt any efforts to charge or restrict tankers passing through the strait, according to CNBC.

His remarks raised concerns that the fragile two-week ceasefire deal reportedly dependent on reopening the waterway could be undermined.

Shipping activity through the Strait of Hormuz, which previously accounted for around 20% of global oil flows, has remained heavily limited, keeping global energy markets unsettled.

In a post on Truth Social, Trump criticized Iran’s handling of the situation, stating that it was failing to allow oil shipments to move freely through the strategic corridor.

Meanwhile, renewed attacks on Saudi Arabia’s energy facilities have further strained supply conditions, reducing the country’s oil production capacity by an estimated 600,000 barrels per day.

Copyright Mettis Link News