Trump Extends Iran Negotiation Deadline: What Does It Mean for WTI Oil Prices?

President Trump’s decision to extend the negotiation deadline with Iran has led to a roughly 1% drop in West Texas Intermediate (WTI) crude oil futures.
As of 7:20 PM local time on March 26, WTI futures were trading at $93.45 per barrel in after-hours trading on the New York Mercantile Exchange, down 1.09%.
Earlier in the regular session, prices had surged 4.61% to close at $94.48 per barrel, driven by the lack of progress in U.S.-Iran negotiations.
However, WTI futures reversed course and declined following Trump’s announcement of the extended deadline.
Trump said on his social media platform that he would extend the negotiation deadline, originally set to expire on the 1st, to April 6. He also added that attacks on Iranian energy facilities would be suspended until that date.
In the wake of this announcement, U.S. stock index futures moved higher across the board. Dow futures rose 0.37%, S&P 500 futures increased 0.36%, and Nasdaq futures climbed 0.35%.