Oil prices declined today, Thursday, amidst rising hopes for containing regional tensions. This followed an agreement between Israel and Lebanon to implement a ceasefire, which boosted expectations for a broader settlement to end the conflict between the United States and
Israel with Iran. The US House of Representatives' approval of a resolution aimed at curtailing President Donald Trump's war powers also had an impact. Brent crude futures fell by 78 cents to $97.03 per barrel, while US West Texas Intermediate (WTI)
crude dropped by 73 cents to settle at $95.29, by 03:19 GMT. This decline comes after both crude benchmarks had risen by approximately 2% on Wednesday, extending the gains from the previous session, following renewed hostilities in the Middle East,
including Iranian attacks on Kuwait and US military strikes near the Strait of Hormuz.
