Oil Prices Waver as White House Endorses Progress Toward US-Iran Cease-Fire Extension

Global oil prices finished on a mixed note Thursday, with United States crude prices edging higher as traders reacted to reports of progress toward an agreement to extend the U.S.-Iran cease-fire.

White House Endorsement and Cease-Fire Talks

The White House formally endorsed progress made in negotiations to extend the cease-fire between the United States and Iran. Market participants interpreted the development as a potential near-term stabilizer for regional supply risks, though the partial nature of the deal left crude benchmarks trading unevenly across sessions.

Price Action and Crude Benchmarks

U.S. crude benchmarks posted modest gains during Thursday's session, while other global contracts showed less directional consistency. The mixed close reflected ongoing uncertainty about how an extended cease-fire might affect Iranian oil exports and broader Organization of the Petroleum Exporting Countries (OPEC) supply discipline.

Market Context

As of May 28, 2026, the dollar stood at 71.37 Russian rubles (change: +0.47), while the euro traded at 83.69 Russian rubles (change: +0.97). Bitcoin was at $73,343, down 2.1 percent over the previous 24 hours. Oil prices were estimated at approximately $72 per barrel.