-- EMEA crude futures climbed in after-hours trading on Wednesday as Iran's seizure of two commercial vessels in the Strait of Hormuz, shortly after President Trump extended the ceasefire, reignited fears of a prolonged global energy supply disruption.
Brent crude futures rose by 3.37% to $101.73 per barrel, while Murban oil futures were up 4.88% to $100.99/bbl.
Iran's Islamic Revolutionary Guards said on Wednesday that their naval forces stopped two ships attempting to cross the Hormuz and directed them to Iranian territorial waters. MarineTraffic said the two vessels are both operated by MSC.
The UK Maritime Trade Operations said that at least three vessels were targeted by gunfire in the Strait, as the Revolutionary Guards warned that any disruption to order and safety in the strategic waterway would be considered a "red line".
"With supply losses effectively locked in for now, the market is set to face increasing strain if a resolution is delayed, and some caution that transit through the Strait may not fully return to normal," Saxo Bank strategists said in a note Wednesday.
The attack by the Revolutionary Guard follows the extension of the US-Iran ceasefire, while Washington maintains a naval blockade of the Hormuz after planned talks between the two sides fell apart.
On Tuesday, Trump said in a social media post that if the US lifted its blockade to open the Strait, "there can never be a deal with Iran, unless we blow up the rest of their country, their leaders included!"
"Iran doesn't want the Strait of Hormuz closed, they want it open so they can make $500 million dollars a day," Trump said in a post on Truth Social.
Meanwhile, the US President said that a ceasefire would stay in effect until a "seriously fractured" Iranian leadership can come up with a unified proposal for a permanent resolution.
Iranian officials have accused the US of breaching its commitments under a 10-point framework that Iran offered at the start of a fragile ceasefire, with Foreign Minister Abbas Araqchi calling the US blockade of Iranian ports an "act of war".
Soojin Kim, research analyst at MUFG, said despite the temporary pause in military escalation, peace talks have faltered, and tensions remain high as both sides continue to clash over shipping access and broader geopolitical issues.
On the supply side, Russia will divert oil previously intended for Germany via the Druzhba pipeline from Kazakhstan to other routes starting from May 1, Deputy Prime Minister Alexander Novak reportedly said on Wednesday.
The move came a day after Ukraine said it had completed repairs to the Druzhba oil pipeline and was ready to pump Russian oil to Europe.