Energy Prices Rise As US-Iran Ceasefire Uncertainty Revives Supply Fears

ISTANBUL, April 22 (Bernama-Anadolu) -- Energy prices jumped on Tuesday as uncertainty about a fragile US-Iran ceasefire and the outlook for renewed talks stirred new concerns over global supply disruptions, Anadolu Ajansi reported.

Brent crude stood at around US$98.50 a barrel as of 1840 GMT, while the US benchmark West Texas Intermediate climbed to about US$89.60.

European natural gas prices also rose 8.2 per cent, with TTF futures trading at around €43.7 (US$51.3) per megawatt-hour, as markets priced in a lower risk of deeper supply disruptions.

The gains came as markets reassessed the risk that diplomacy may fail to secure an extension of a two-week ceasefire, which is due to end on Wednesday evening, Washington time.

US President Donald Trump said the truce had been violated “numerous times” by Iran and signalled that an extension was “highly unlikely” if no agreement was reached beforehand.

Additional doubts emerged after a planned US delegation’s departure for Pakistan for a second round of face-to-face talks with Iran was delayed on Tuesday due to “additional policy meetings” in Washington, according to US media reports.

Vice President JD Vance, who is expected to travel to Islamabad, remained in Washington to attend the meetings at the White House, according to a US official cited by The New York Times. A White House official cited by The Washington Post said the departure was postponed for “additional policy meetings” involving Vance, without giving a new timeline.

Pakistan said on Tuesday that Iran’s decision to attend talks with the US remained unresolved. “Formal response from the Iranian side about confirmation of delegation to attend Islamabad Peace Talks is still awaited,” Pakistan Information Minister Attaullah Tarar wrote on the US social media platform X.

The two sides held a first round of high-level face-to-face talks in Pakistan earlier this month, but those negotiations ended without a deal.

Energy markets have remained highly sensitive to developments surrounding the ceasefire and the Strait of Hormuz, a critical route for global crude and fuel shipments, with each sign of diplomatic strain fuelling concerns about tighter supply.

Oil prices initially fell before stabilising at around US$90–US$95, while TTF futures dropped to about €38 after the US and Iran announced last week that the Strait of Hormuz had reopened, although this proved short-lived.

-- BERNAMA-ANADOLU

TAGS: US, Iran, energy prices, outlook, supply disruptions

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