Oil Drops as Focus Shifts to Iran and Israel Halting Retaliatory Attacks

Oil prices fell on Tuesday, erasing most of the previous session's gains after Iran and Israel announced a halt to their exchange of attacks following an appeal from US President Donald Trump, although both sides warned that hostilities could resume.اضافة اعلان

Brent crude futures fell 91 cents, or 1%, to $93.34 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $1.13, or 1.2%, to $90.17 a barrel.

Prices had surged by up to 5% in the previous session after renewed Israeli strikes on Iran and attacks in Lebanon dampened hopes for an imminent end to the broader war. However, they pared gains after the Iranian armed forces announced the end of military operations against Israel.

Iran and Israel announced a halt to their exchange of attacks following Trump's appeal; however, Tehran stated it would resume attacks if Israel continued striking Hezbollah in Lebanon.

Reuters