Oil prices pull back to $87.50 but remain within the previous days' ranges.The market has broadly overlooked Trump's announcement of an indefinite ceasefire in Iran.The ongoing blockade of the Strait of Hormuz keeps WTI prices steady near $90.         Crude prices edged lower on Wednesday following US President Donald Trump's unilaterally announced extension of the ceasefire on Tuesday. The barrel of the US benchmark West Texas Intermediate (WTI) has pulled back to $87.50 ahead of Wednesday’s European session opening, from $91.60 highs on Tuesday, but remains within the last few days’ range.Trump said on Tuesday that the ceasefire deadline will be prolonged until negotiations with Iran conclude, but the peace talks, which were supposed to have restarted on Tuesday, remain stalled. US Vice President JD Vance cancelled his trip to Pakistan, and Tehran has not yet decided whether to send a delegation for a new round of talks this week.Meanwhile, the US military keeps its grip on the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi affirmed that blockading Iranian ports is “an act of war” and a “violation of the ceasefire”, and some voices from Tehran have called to “take the initiative” against the US.In this context, WTI prices remain broadly steady near the $90 level, enhancing an energy shock that is tipping the global economy to the brink of stagflation.Data from the American Petroleum Institute (API) released on Tuesday showed that US Crude Oil inventories dropped by 4.4 million barrels in the week of April 17. These figures beat expectations of a 1 million decline, and highlight a strong demand for Oil, which contributes to keeping prices buoyed at high levels.By  fxstreet.com