Oil Prices Decline Following Iran-Israel Exchange of Attacks Halt

Oil prices experienced a decline today, Tuesday, erasing most of the gains achieved in the previous session. This downturn followed an announcement by both Iran and Israel to halt their exchange of attacks, a development that came after an appeal from US President Donald Trump, despite ongoing warnings from both sides about the potential resumption of hostilities. Brent crude futures recorded a decrease of approximately 91 cents, settling at $93.34 per barrel by 04:00 GMT. Similarly, US West Texas Intermediate (WTI) crude futures dropped by about $1.13, reaching $90.17 per barrel. Prices had witnessed an increase of up to 5% in the preceding session, attributed to renewed Israeli strikes in Iran and attacks targeting Lebanon, which diminished hopes for an imminent end to the broader conflict. However, these gains were later pared after the Iranian armed forces declared an end to military operations against Israel.