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Oil falls as Lebanon and Israel agree on a ceasefire

World News

04-06-2026 | 03:11

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Oil falls as Lebanon and Israel agree on a ceasefire

Oil prices fell on Thursday as a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to end the U.S.-Israeli war with Iran that could lead to a reopening of the Strait of Hormuz.

Brent futures were down 87 cents, or 0.89%, at $96.92 a barrel by 0458 GMT, while U.S. West Texas Intermediate crude fell 78 cents, or 0.81%, to $95.24, paring gains from earlier in the week.

Both Brent and WTI rose about 2% on Wednesday after renewed Middle East hostilities including Iranian attacks on Kuwait and U.S. military strikes near the Strait of Hormuz.

Reuters

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