Oil prices drop to $95 following reports of a ceasefire agreement between Israel and Lebanon
Kyiv • UNN
The price of WTI fell to $95 amid U.S. statements regarding a ceasefire between Israel and Lebanon. Brent is trading at $98 per barrel.
Global oil prices declined following a three-day rally amid U.S. statements regarding a ceasefire agreement reached between Israel and Lebanon. This was reported by Bloomberg, according to UNN.
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U.S. WTI crude futures dropped toward $95 per barrel after a nearly 10% increase since the beginning of the week. Meanwhile, Brent crude traded near the $98 per barrel mark.
The U.S. Department of State stated that the ceasefire regime entails a complete cessation of attacks by Hezbollah and the withdrawal of its militants from the area south of the Litani River.
Negotiations between the U.S. and Iran remain difficult
Despite signals of de-escalation, negotiations between Washington and Tehran regarding the extension of the truce and the restoration of shipping through the Strait of Hormuz remain tense. According to Iranian sources, no significant progress has been achieved yet, and Tehran is prepared for new strikes should attacks on Beirut continue.
An additional factor supporting oil prices remains the reduction of inventories in the U.S. Specifically, crude oil stocks in Cushing, Oklahoma—the key delivery point for WTI—have been declining for the sixth consecutive week and are approaching the minimum allowable operational level.
Oil prices rise amid escalation in the Middle East - Reuters03.06.26, 16:14 • 6554 views