Oil prices were little changed after a volatile trading day as traders digested news that the US and Iran have reached a tentative deal to extend a ceasefire and work toward a pact to end the war.
A pump jack near Imperial, Texas, US, on Sunday, Aug. 24, 2025. The problem of too much wastewater is spreading across America’s biggest oil field, posing a pressing threat to a basin that has grown into a cornerstone of global markets and is critical to President Donald Trump’s push for energy dominance. Photographer: Mark Felix/Bloomberg
Oil declined on hopes that the US and Iran are inching closer to a peace deal after a conditional ceasefire between Israel and Lebanon, even as the truce was marred by ongoing clashes.
Pumpjacks located near a residential neighborhood in Midland, Texas, U.S. on Monday, April 4, 2022. West Texas, the proud oil-drilling capital of America, is now also on the cusp of becoming the earthquake capital of America.
Oil rebounded as fresh clashes between the US and Iran clouded the outlook for an interim deal to reopen the vital Strait of Hormuz.
The Motiva Port Arthur Refinery in Port Arthur, Texas, US, on Tuesday, April 14, 2026. US natural gas futures ended lower for a fifth consecutive session, erasing earlier gains as traders weighed plunging oil prices against mixed weather outlooks.
Oil fell in a choppy trading session, with US President Donald Trump vowing a response to the downing of an American military helicopter, reigniting fears of a return to clashes with Iran that could prolong a global energy crisis.
An oil pump jack in Corpus Christi, Texas, US, on Saturday, Feb. 28, 2026. President Donald Trump's decision to strike Iran creates new risks for a significant chunk of the world's oil supply. Photographer: Eddie Seal/Bloomberg
Oil tumbled on optimism that the US and Iran will reach a peace deal, even as President Donald Trump signaled that the warring sides remain far apart in negotiations.
A pump jack in Midland, Texas. Photographer: Anthony Prieto/Bloomberg
Login
