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Oil Retreats on Iran Ceasefire Extension Agreement

Crude prices declined following a tentative agreement between the US and Iran to extend their ceasefire by 60 days, potentially reopening shipping lanes through the Strait of Hormuz. West Texas Intermediate fell toward $88 per barrel after a volatile trading session, while Brent crude settled near $94. The accord could allow unrestricted traffic to resume through the critical chokepoint. However, President Donald Trump has not yet endorsed the agreement terms, according to sources familiar with the matter, introducing uncertainty into the deal's implementation.