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Crude oil futures edge higher amid supply concerns

16 Apr 2026 Evaluate

Crude oil futures ended marginally higher on Wednesday amid geopolitical tensions, with supply concerns remaining elevated due to the ongoing U.S. blockade of Iranian ports near the Strait of Hormuz. However, reports indicated that Washington and Tehran are considering extending their two-week ceasefire to allow more time for negotiations toward a peace agreement.

Benchmark crude oil futures for May delivery marginally increased by 0.01% to settle at $91.29 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained by $0.14 or 0.15% to settle at $94.93 a barrel on London's Intercontinental Exchange.