WTI crude drops 1% after Middle East ceasefire extension

22/04/2026 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fell in early session today, April 22, as investors assessed the prospects for US-Iranian peace talks after US extension of the ceasefire.

 

Brent crude was trading down 0.65% at $97.83 a barrel, at 09:07 am Makkah time. West Texas Intermediate (WTI) fell 1% to $88.77 a barrel.

 

Estimates from the American Petroleum Institute showed that crude oil inventories in the US fell by about 4.5 million barrels during the week ended April 17. Official data due today is expected to show a decline in crude oil inventories of about two million barrels.

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