WTI slips below $88 as ceasefire extension cools rally

Crude oil prices eased with WTI slipping below $88 per barrel as Donald Trump extended the US-Iran ceasefire, reducing immediate supply fears, though markets remain volatile amid mixed signals on fresh negotiations and Iran?s reluctance to participate; continued tensions around the Strait of Hormuz?critical for nearly 20% of global oil flows?are keeping risk premiums elevated, while on the domestic front, MCX crude futures also declined, tracking global weakness as geopolitical uncertainty continues to dominate sentiment. Despite the pullback, underlying risks to global supply remain significant, keeping a geopolitical risk premium embedded in prices.

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