watch nowOil prices rose Wednesday, as Iran claimed to have seized two ships in the Strait of Hormuz shortly after President Donald Trump extended the ceasefire. International benchmark Brent crude rose more than 3% to close at $101.91 per barrel. U.S. West Texas Intermediate futures advanced more than 3% to settle at $92.96 per barrel.Prices rose as it became clear that the ceasefire extension will not necessarily lead to an increase in oil exports through the strait. Exports from Middle East Gulf producers have collapsed during the war, triggering the largest oil supply disruption in history. Tanker traffic in the strait remained light Wednesday as shippers face a dangerous security situation. Iran's Revolutionary Guard said Wednesday that it seized two container ships as they tried to cross the strait "without authorization," according to the state news agency Tasnim. The U.S., meanwhile, is maintaining its naval blockade of Iran during the ceasefire. Trump prolonged the temporary truce on Tuesday after U.S. plans to hold a second round of peace negotiations with Iran in Pakistan fell apart. The president claimed Iran's leadership was fractured. He said the ceasefire will remain in place until Iran's leaders present a unified proposal to end hostilities with Washington and Israel.The ceasefire extension underscores the uncertain path toward de-escalation. While the move delays the risk of imminent military strikes, it also highlights the lack of a clear diplomatic breakthrough that completely opens the strait to commercial ships. Iran's leadership may be fractured but it is functioning, said Bob McNally, president of Rapidan Energy. The regime in Tehran is confident that it has the upper hand over Trump, McNally said. "They are ready to eat grass for six months to keep their chokehold on this jugular to wait for those oil prices to go even higher and eventually equities to go lower," McNally said."They think they are going to end up surviving this conflict having taught a lesson and maybe even with some control over the Strait of Hormuz," he said.