Key facts
- Hezbollah is expected to announce its acceptance of a ceasefire.
- The ceasefire is reportedly linked to not targeting southern Lebanon.
- Progress in ceasefire talks has reduced fears of Middle East supply disruptions.
- Brent crude decreased by 1.7% to $93.35 per barrel.
- WTI crude fell to $90.65 per barrel.
Oil prices pulled back from multi-week highs following reports that Hezbollah is expected to issue a statement commenting on its acceptance of a ceasefire with Israel. This development, reportedly in exchange for not targeting the southern Lebanese region, has eased immediate concerns about potential supply disruptions stemming from the conflict in the Middle East. The de-escalation led to a calmer sentiment in commodity markets, with Brent crude falling 1.7% to $93.35 a barrel and WTI crude falling to $90.65 a barrel.