08:56 AM EDT, 03/27/2026 (MT Newswires) -- Oil prices rose again early on Friday even as U.S. President Trump backed away from a threat to attack Iran's electricity infrastructure, extending a deadline for the country to agree to negotiations for 10 days.

West Texas Intermediate crude oil for May delivery was last seen up US$2.44 to US$96.92 per barrel, while May Brent oil was up US$2.93 to US$110.94.

Oil prices have risen 41% since the United States and Israel launched their war on Iran on Feb. 28, with Iran responding by cutting off shipping through the Strait of Hormuz, the chokepoint for shipments accounting for 20% of daily oil demand supplied by Persian Gulf producers, the largest-ever supply shock for the oil market.

Air strikes against Iranian military and industrial assets have failed to convince Iran to enter negotiations with the United States. Trump extended his deadline for attacks on Iranian energy assets for 10 days even as the U.S. threatens a ground war. The Wall Street Journal reported the Administration is considering sending 10,000 more troops to the region, adding to the 5,000 already committed to the war.

"President Trump ... extended the pause on strikes against Iran power plants by ten days (until April 6th) and while we welcome the step back from the abyss, the market appears to be interpreting the move as an admission that negotiations are not progressing as expected despite the messaged framing that it was at the behest of the Iranian government (refuted by media reports)," Tudor, Pickering, Holt analyst Matt Portillo wrote.