US and Iran have extended their fragile ceasefire in West Asia by 60 days, sources told Reuters and AFP, but the deal to end war still awaits is still in the works. The news drove crude to its steepest monthly fall since 2020.
It led to the sharpest monthly fall in crude prices since 2020. West Texas Intermediate traded close to $88, while Brent dropped toward $93 per barrel, down 18% this month.
However, there is no definitive end to the war just yet.
The MoU draft still awaits approval from President Donald Trump, with no final green light yet from Washington or Tehran, according to US officials cited by AFP.
Iranian state-affiliated Tasnim News Agency pushed back on reports of a finalised agreement, saying the text of a potential memorandum of understanding has not been completed or confirmed. It added that claims by Western outlets that a deal has already been sealed are inaccurate, and that Tehran has not formally communicated any final text to its Pakistani mediator.
With both sides signalling progress but stopping short of confirmation, the situation remains fluid.
Follow along for the latest on West Asia war.
