Brent and WTI rise as markets react to Washington’s extension of the Iran ceasefire.
Crude oil futures spiked early on Wednesday, with Brent crude rising 3.14% to $98.48 per barrel and West Texas Intermediate (WTI) gaining 1.1% to $90.66 as of 8:58 a.m. Tokyo time on Wednesday, April 22, 2026.
The rise in U.S. crude oil futures coincided with Washington’s announcement of an indefinite extension of the ceasefire with Iran.
West Texas Intermediate (WTI) crude futures climbed as high as $90.70 per barrel and were trading up 59 cents, or 0.7%, at $90.26. Despite the ceasefire extension, uncertainty over U.S.-Iran peace talks and continued disruption in the Strait of Hormuz kept oil markets on edge.
