Oil prices were mixed in early session today, April 16, amid signs that the US and Iran might extend their ceasefire and resume talks to end the war that has shaken the energy markets.

Washington and Tehran are considering extending the ceasefire for two weeks to allow more time to negotiate a peace agreement, Bloomberg reported, citing sources familiar with the matter.

Brent crude was trading down 0.18% at $94.76 a barrel, at 08:51 am Makkah time. West Texas Intermediate (WTI) rose 0.28% to $91.55 a barrel.

Commonwealth Bank of Australia expects oil market turmoil to worsen as the US blockade continues. Analyst Vivek Dhar explained in a note that the naval operation jeopardized approximately 3.8 million barrels of crude oil and petroleum products that were transported through the Strait of Hormuz in March.

In Australia, a massive fire that broke out at one of the country's only two oil refineries. This is expected to reduce fuel production, raising concerns about supplies.