India, April 22 -- Crude prices saw a strategic pullback mid-week after the White House decided to extend the truce with Iran. This move created a path for peace talks in Pakistan. Brent crude fell 0.3% to $98.16, while WTI dropped 0.6% to $89.14. The decision helped ease immediate fears of an escalation that analysts warned could have pushed prices above $150 per barrel.

Despite the temporary truce, the benefit is limited. The U.S. Navy continues a full-force blockade on Iranian ports, and traffic through the Strait of Hormuz remains strictly limited. Tehran has been cautious, insisting it will challenge the blockade if a permanent resolution isn't reached, which keeps a floor under global prices.

Market technicians are now closely w...