Oil Dips as Israel-Lebanon Ceasefire Eases Market Fears
Oil Dips as Israel-Lebanon Ceasefire Eases Market Fears
Oil slips as a Lebanon-Israel ceasefire and looming Iran talks ease tensions, with traders eyeing continued volatility in the global market.
Oil prices edged lower on Friday as hopes for reduced Middle East tensions and potential talks between the US and Iran eased investor concerns.
Brent crude futures fell to $98.05 a barrel, down $1.34, while U.S. WTI crude dropped to $93.40, down $1.65 as traders reassessed risk after a 10-day ceasefire between Lebanon and Israel took effect.
The ceasefire, which began at midnight in Lebanon, removed a major obstacle to broader peace efforts that Washington has been pursuing alongside Tehran. President Donald Trump indicated that Tehran had proposed not pursuing nuclear weapons for more than 20 years, adding that Washington and Iran could be close to a deal and signaling a possible breakthrough amid ongoing discussions.
Analysts note that while prices have eased from March’s record rally, they remain supported by ongoing supply concerns and the fragility of the Hormuz Strait, through which about one-fifth of global oil supply passes. The removal of barriers to talks could keep volatility elevated, even as prices hover in the $90s this week.
