Abu dhabi: US crude oil futures rose in early trading, coinciding with Washington's announcement of an indefinite extension of the ceasefire with Iran. West Texas Intermediate crude futures rose to as high as US$90.70 per barrel and were trading up 59 cents, or 0.7 percent, at $90.26.
According to Emirates News Agency, this rise in crude futures reflects market reactions to geopolitical developments, as the announcement of the ceasefire extension is expected to ease tensions in the region, impacting oil supply stability. The trading increase signifies market optimism regarding the potential for sustained peace and its implications for the oil market.