Business
Iran and US Agree to Ceasefire Extension Pending Trump Approval, Oil Markets on Edge
📅 May 29, 2026 00:00 ET
⏱ 1 min
👁 — views
GazetaDay Editorial
Iran and the United States have reached a preliminary agreement to extend the current ceasefire, with the deal now awaiting approval from former President Donald Trump. The development has placed oil markets on heightened alert amid ongoing geopolitical uncertainty.
Ceasefire Terms and Approval Process
The extension of the ceasefire between Iran and the US is contingent upon Trump’s formal endorsement. No specific duration for the extension has been disclosed in the initial reports. The agreement represents a diplomatic step following previous rounds of negotiations, though final implementation remains pending.
Market Reaction and Oil Price Impact
Crude oil prices are estimated at approximately $72 per barrel as markets assess the potential implications of the ceasefire extension. Traders remain cautious, weighing the possibility of reduced supply disruptions against the uncertainty surrounding the approval process. Any shift in the status quo could trigger volatility in energy markets.
Currency and Crypto Market Snapshot
The Russian ruble traded at 71.37 against the US dollar (change: +0.47) and at 83.69 against the euro (change: +0.97). Bitcoin stood at $73,196, with a 24-hour change of 0.1%. These figures reflect broader market conditions as of May 29, 2026.
Iran-US dealceasefire extensionoil pricesgeopolitical riskMiddle EastTrump approvalenergy markets