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

Brent crude oil briefly surged on Tuesday above $101 per barrel in late trading before pulling back after US President Donald Trump announced an extension of the ceasefire with Iran, NBC News reported.

Prices fell back to around $98 per barrel following the announcement, after earlier gains driven by heightened geopolitical tensions. US crude oil also climbed to intraday highs near $95 per barrel before sliding back to about $88 after Trump’s statement, the report added.