Oil prices fell on Thursday, June 4, after a ceasefire agreement between Israel and Lebanon raised hopes for a broader agreement to end the US-Israeli-Iranian war, which could lead to the opening of the Strait of Hormuz.
This was reported by Economic Pravda with reference to Reuters.
The report said that Brent futures fell by 87 cents, or 0.89%, to USD 96.92 a barrel.
US West Texas Intermediate lost 78 cents, or 0.81%, to USD 95.24 a barrel, reducing the growth it had at the beginning of the week.
Brent and WTI rose by about 2% on Wednesday after new escalation in the Middle East, including Iranian attacks on Kuwait and US military strikes near the Strait of Hormuz.
It is noted that Israel and Lebanon announced late on Wednesday that they had agreed to implement a ceasefire.
This has strengthened hopes for an agreement between Washington and Tehran, which partly links any agreement to the end of hostilities between Israel and Lebanon.
Thus, US President Donald Trump suggested on Wednesday that progress in negotiations with Iran could appear as early as this weekend.
Iranian Foreign Minister Abbas Araghchi said on Wednesday that Tehran's contacts with Washington have not been broken, but there is no progress in the negotiations. According to him, both sides are studying the texts that were exchanged.
As Ukrainian News Agency earlier reported, on Thursday, May 28, Brent oil prices rose to USD 96.21 per barrel - almost 2% more per day, and American WTI was trading around USD 90.36 per barrel, adding 1.9%.
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