Updated

Crude oil prices extended gains as concerns over Middle East supply disruptions continued to weigh on markets. Reports indicate that the U.S. and Iran are engaging separately with regional mediators in renewed efforts to end hostilities, with mediators pushing for ceasefire negotiations. The uncertainty over a resolution has kept a geopolitical risk premium embedded in oil prices. Traders are watching closely for signs of progress in the mediation efforts, as any breakthrough or further escalation could sharply move energy markets. The situation remains fluid, with no confirmed ceasefire agreement reached as of the latest reports.