Oil falls $2 on possible Mid-East peace deal

By Arunima Kumar and Enes Tunagur

HOUSTON (Reuters) – Oil prices fell more $1 on Monday after Axios reported that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing an unnamed senior U.S. official.

Brent crude futures were down $1.34, or 1.78%, at $73.83 a barrel by 9 a.m. CST (1500 GMT), while U.S. West Texas Intermediate crude futures were down $1.44, or 2.02%, at $69.80 a barrel.

Israel said on Monday that it is moving toward a ceasefire in the war with Hezbollah but there are still issues to address, while Lebanese officials voiced guarded optimism but said Israeli Prime Minister Benjamin Netanyahu was not to be trusted.

“It seems the news of a ceasefire between Israel and Lebanon is behind the price drop, though no supply has been disrupted due to the conflict between the two countries and the risk premium in oil has been low already before the latest price decline,” said Giovanni Staunovo of UBS.

Geopolitical risk of supply disruptions from either Iran or Russia drove up crude oil prices last week.

Both Brent and US WTI contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and the UK following strikes by Kyiv on Russia using U.S. and British weapons.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Exness Halts New Registrations in India

    • July 17, 2025
    Exness Halts New Registrations in India

    Exness Shuts Indian Registrations, Keeps Trading Open for Current Users

    • July 17, 2025
    Exness Shuts Indian Registrations, Keeps Trading Open for Current Users

    Why Do Forex Brokers Freeze Trades During Volatility?

    • July 17, 2025
    Why Do Forex Brokers Freeze Trades During Volatility?

    Over 55,000 Clients Affected in IT Transition Misstep; Saxo Hit With €1M Fine by French Regulator

    • July 17, 2025
    Over 55,000 Clients Affected in IT Transition Misstep; Saxo Hit With €1M Fine by French Regulator