Brent crude surges above $101 before easing after Trump ceasefire extension

US Treasury Secretary Scott Bessent said on Tuesday the United States Navy will continue the blockade of Iranian ports, warning that constraints on maritime trade are aimed at targeting Iran’s main revenue sources.

"As President made clear, the United States Navy will continue the blockade of Iranian ports. In a matter of days, Kharg Island storage will be full and the fragile Iranian oil wells will be shut in. Constraining Iran’s maritime trade directly targets the regime’s primary revenue lifelines," Bessent posted on X.

"The Treasury will continue to apply maximum pressure through Economic Fury to systematically degrade Tehran’s ability to generate, move, and repatriate funds. Any person or vessel facilitating these flows—through covert trade and finance—risks exposure to U.S. sanctions. We continue to freeze the funds stolen by the corrupt leadership on behalf of the people of Iran," he added.

Multiple oil spills in the Persian Gulf become visible from space following strikes on Iranian and regional oil facilities and vessels, with experts warning of a growing environmental risk, CNN reported on Tuesday.

Satellite imagery reviewed by CNN shows extensive oil pollution, including a spill spanning more than five miles near Iran’s Qeshm Island in the Strait of Hormuz.

Another image shows oil contamination near Lavan Island following what Iranian state media described as a strike on an oil facility close to the island’s coast earlier this month.

Iran on Tuesday called on the UN Security Council to intervene after the United States seized an Iranian commercial vessel and detained its crew and their families, describing the move as a breach of the ceasefire, NBC News reported.

In a letter to UN Secretary-General António Guterres, Iran’s ambassador to the United Nations, Amir Saeid Iravani, said the seizure of the vessel Toska earlier this week amounted to a “clear and material breach” of the ceasefire agreement between the two sides.

Iran rejected US conditions for negotiations, while US President Donald Trump unilaterally extended the ceasefire at the request of Pakistan’s army chief, state broadcaster IRIB reported on Tuesday.

"Iran rejected the US conditions for negotiations; Trump unilaterally extended the ceasefire! Trump said that at the request of Pakistan’s army chief, the ceasefire would remain in place until Iran presents a new proposal," IRIB posted on X.

Iran hardline influencer Ali Gholhaki said on Tuesday US demands regarding Iran’s nuclear program and conditions related to the Strait of Hormuz were not acceptable to Tehran, arguing they cannot form part of any negotiation framework.

"Two main reasons for the non-holding of the Pakistan negotiation on Wednesday," he posted on X. "1. "Trump's insistence on including the lifting of the Strait of Hormuz siege in the Pakistan negotiations themselves" instead of "lifting the siege before the start of negotiations as a precondition" 2. "Unreasonable expectations in Iran's nuclear industry file" the details of which are in no way logical."