Crude oil spikes, Brent near $100 as US announces indefinite extension of ceasefire with Iran

Crude oil futures spiked early on Wednesday, with Brent jumping 3.14% to $98.48 per barrel and West Texas Intermediate (WTI) rising 1.1% $90.66 as of 8.58 am Tokyo time on Wednesday (April 22, 2026).

The rise is US crude oil futures coincides with Washington’s announcement of an indefinite extension of the ceasefire with Iran.

WTI 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.