Al Jazeera: Lebanon-Israel ceasefire lowers oil prices
Al Jazeera reported that after the ceasefire agreement between Israel and Lebanon, oil prices fell as hopes for reaching a broader agreement to end the war and reopen the Strait of Hormuz increased.
According to the report, the price of Brent oil dropped by $114, equivalent to 12%, reaching $96.67 per barrel. West Texas Intermediate (WTI) crude also fell by 90 cents, equivalent to 0.9%, reaching $95.12 per barrel.
This comes as both indices had increased by about two percent on Wednesday, a rise that followed escalating tensions in the Middle East, including Iran’s attacks on Kuwait and U.S. military operations near the Strait of Hormuz.
John Evans, an oil market analyst at PVM, said that Iran emphasizes stopping Israel’s attacks on Lebanon, and it seems that real progress has been made in this area.
According to Al Jazeera, energy markets continue to cautiously monitor the political and security developments in the region, and any progress in negotiations could impact the global oil supply outlook.