Skip to content
You can now search across every topic, entity and event.What's new
European Oil Markets
26MAY

Reuters reports extension talks; Leavitt denies

3 min read
08:52UTC

Reuters cited senior Iranian sources on 18 April saying Washington and Tehran were close to a 60-day ceasefire extension; White House press secretary Karoline Leavitt said the US had not formally requested one.

EconomicDeveloping
Key takeaway

The 60-day ceasefire extension exists in Reuters reporting but not in any signed Iranian or US document.

Reuters reported on 18 April, citing senior Iranian sources, that Washington and Tehran were close to a 60-day ceasefire extension 1. White House press secretary Karoline Leavitt told reporters the US had not formally requested an extension, and a senior US official told CBS News "there are no new terms for an extension yet agreed" 2. The current Iran ceasefire expires on 22 April.

The Reuters framing ran into two denials inside 24 hours. Leavitt had already denied a formal US extension request on 17 April . Tasnim News Agency then labelled the Reuters report US psychological warfare. An extension that exists in a wire report, but not in a signed US request and not in an Iranian acknowledgement, is an extension only in the grammatical sense.

The absence of signed paper here fits a broader convergence. Four unsigned deadlines now sit inside 10 days: GL-U (already lapsed), the Iran ceasefire (22 April), the Lebanon truce (around 26 April) and the War Powers Resolution 60-day clock (29 April) . None of the four has a signed text in hand. The 60-day ceasefire extension is the third of those deadlines, and Saturday's reporting extends the pattern in which Iran-adjacent outcomes are announced on wires and social media rather than committed to paper.

Deep Analysis

In plain English

Reuters, one of the world's major wire news agencies, reported on 18 April that the United States and Iran were close to agreeing a 60-day extension of their ceasefire. The ceasefire is currently set to expire on 22 April. Within hours, White House press secretary Karoline Leavitt said the US had not 'formally requested' an extension. A senior US official separately told CBS News no new terms had been agreed. This kind of contradiction between news reports and official denials is common in diplomacy ; governments often allow unofficial channels to test ideas before committing publicly. But it creates real uncertainty: if no extension is formally agreed before 22 April, both sides could technically return to full hostilities without either having explicitly chosen to do so.

What could happen next?
  • Risk

    With the ceasefire expiring on 22 April and no signed extension, Hormuz IRGC operations, US blockade enforcement, and GL-U's lapsed legal cover converge into a potential triple escalation point over a 72-hour window.

  • Consequence

    Leavitt's denial that a formal request was made means the US retains the legal and diplomatic position that the original ceasefire terms remain operative ; giving Washington flexibility to blame Iran if hostilities resume on 22 April.

First Reported In

Update #73 · Russia yes, Iran no: Treasury signs only one waiver

The White House· 19 Apr 2026
Read original
Different Perspectives
Greek shipping registries
Greek shipping registries
Flag states dominating the tanker fleet await the EU's 15 July cap-freeze vote. A formula unlock toward $75 would loosen the ceiling squeezing insurance and crewing costs on their registered hulls.
US money managers
US money managers
NYMEX WTI managed-money net long fell 23% to +64,041 in the week to 7 July, trimming length into the rally on doubt the Hormuz premium survives without freight or war-risk confirmation.
European refiners (ARA)
European refiners (ARA)
ARA refiners are capturing an $80/bbl US diesel crack as Russian gasoil loadings collapsed to 234kbd before Novak's 31 July export ban even bites, widening the arbitrage straight into refining margins.
OPEC+
OPEC+
The seven-member group confirmed a fourth consecutive 188kbd August hike on 5 July, defending market share even though Saudi Arabia's $108-111/bbl breakeven means every added barrel costs Riyadh revenue it cannot recoup.
Indian refiners
Indian refiners
Refiners kept lifting discounted Urals as the India/Baltic split widened past $9-10 a barrel on 7 July. A wider Urals-Brent gap means cheaper feedstock locked in against Baltic buyers.
Russia
Russia
Urals traded $48.95-55.12 on 12-13 July, below Moscow's $59 budget floor even as Brent gained $6. Oil and gas fund roughly 30% of federal revenue, and Novak's diesel export ban is rationing a shrinking export base.