WTI oil prices fluctuate amid US-Iran ceasefire negotiations

West Texas Intermediate (WTI) oil is trading near $92.45 as markets react to potential diplomatic progress between the US and Iran. President Donald Trump has paused 'Project Freedom,' a US-led operation to escort ships through the Strait of Hormuz, to facilitate the finalization of a peace agreement. While the US claims the ceasefire remains in effect, tensions persist following reported exchanges of fire on Thursday. Iran has accused the US of violating the ceasefire by striking two ships and civilian areas, while Washington maintains its actions were retaliatory. Despite hopes for a deal, Iran has not yet formally accepted the terms regarding its nuclear program and uranium enrichment. Meanwhile, the US Energy Information Administration reported a decline of 2.314 million barrels in US crude stockpiles for the week ending May 1. Brent crude prices were previously reported at $108 per barrel, though market volatility continues due to the ongoing geopolitical instability. About 20% of global oil and gas shipments pass through the Strait of Hormuz, making the blockade and military activity critical to global supply.