Israel and Lebanon have agreed on a ceasefire, oil prices are falling
Israel and Lebanon, with US mediation, have suspended hostilities, affecting global oil prices. The cost of Brent oil fell after rising the previous day.
The US Department of State reported an agreement between Israel and Lebanon to maintain a ceasefire. This was the result of negotiations organized by Washington aiming to reach a comprehensive agreement between the parties. Discussions on political and security issues are planned to continue next week, starting June 22.
However, other global markets were affected by the change in oil prices. On Thursday, June 4, August futures for Brent oil on the London ICE Futures exchange decreased by 1.04% to $96.79 per barrel. Meanwhile, July futures for WTI oil on the New York Mercantile Exchange fell by 0.80% to $95.25 per barrel. Nonetheless, oil prices had increased previously: Brent rose by $1.81, and WTI by $2.26.
Additionally, statements by US President Donald Trump regarding Iran have influenced the markets. Trump claims that Tehran has agreed to discuss a ban on nuclear weapons, although this aspect previously faced opposition.
At the same time, the US Congress voted to limit the President’s powers regarding military actions against Iran, adding to the overall political uncertainty.
