Indian government bonds slipped on Wednesday, as oil prices stayed elevated, with investors wary that President Donald Trump's indefinite extension of a ceasefire with Iran may do little to ease tensions. Trump said he would extend the ceasefire indefinitely to allow more time for peace talks, though it was not clear on Wednesday whether Iran or Israel would agree. He also said the U.S. Navy would continue blocking Iran's maritime trade, a move Tehran considers an act of war. Brent crude hovered near $98 a barrel. India's benchmark 6.48% 2035 bond yield was at 6.9062% at 11:30 a.m. IST, against Tuesday's close of 6.8894%. The 10-year yield has stayed within a tight band since the ceasefire began on April 8. "Upside is currently capped around 6.93%-6.94% (on the 10-year yield) if the war doesn't break out afresh," said Alok Singh, head of treasury at CSB Bank.