FX.co ★ Oil Extends Gains Amid Ceasefire Doubts

WTI crude oil futures surged nearly 4% to around $102 per barrel on Tuesday, building on a 2.8% increase in the previous session, as mounting concerns emerged that disruptions in the Strait of Hormuz could be prolonged. President Donald Trump warned that the US–Iran ceasefire was on “massive life support” after rejecting Tehran’s latest peace proposal, heightening fears that the vital shipping corridor may remain effectively shut for an extended period. Iran was reported to have demanded an end to the US naval blockade and relief from sanctions, while insisting on retaining some authority over traffic through Hormuz. At the same time, news surfaced that Trump was preparing to meet with his national security team to consider renewed military action and to review plans to escort commercial vessels through the strait. Saudi Aramco CEO Amin Nasser cautioned that the market is currently losing about 100 million barrels of oil supply each week, and warned that, if the disruptions persist, normal market conditions may not be restored until next year.