International oil prices recorded a downward trend, as the announcement of the ceasefire agreement between Israel and Lebanon boosted expectations for broader diplomatic developments in the region and de-escalation of geopolitical tensions.
Brent oil fell by 67 cents or 0.69%, settling at $97.14 per barrel. Similarly, US crude WTI declined by 62 cents or 0.65%, closing at $95.40 per barrel.
Markets are closely monitoring developments in the Middle East, as potential further de-escalation could reduce risks for the global energy market.
