Oil slipped following three days of gains after Israel and Lebanon agreed to a ceasefire if Hezbollah also stops hostilities, which would remove a key sticking point in talks between Washington and Tehran.
Brent fell toward $97 a barrel while West Texas Intermediate was near $96, after adding almost 10% in the week’s first three sessions. The deal is contingent on “a complete cessation” of fire from Iran-backed Hezbollah, according to a statement from both countries and the U.S.
While Washington and Tehran have agreed on a rough framework to extend their truce by two months and reopen the Strait of Hormuz, negotiations over the final details are dragging on, and there’s also been a flare-up in fighting.