BAKU, Azerbaijan, June 3. Oil prices dropped following the ceasefire agreement between Israel and Lebanon, raising hopes for a broader deal to end the US-Israeli conflict with Iran and potentially reopen the Strait of Hormuz.
TurkicWorld reports that trade remained cautious, with Brent futures down $1.14, or 1.2 percent, at $96.67 a barrel, while US West Texas Intermediate crude fell 90 cents, or 0.9 percent, to $95.12. Both contracts had risen around two percent earlier on Wednesday amid renewed Middle East tensions, including Iranian attacks on Kuwait and US military strikes near the Strait of Hormuz.
PVM oil analyst John Evans noted that Iran is insisting on halting Israel’s aggression toward Lebanon, particularly Hezbollah, indicating a potential breakthrough in regional tensions.
