Oil Prices Decline Amid Rising Hopes for Regional Conflict Resolution

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.