Shafaqna English– A ceasefire deal between Israel and Lebanon on Thursday(4 Jun 2026) drove oil prices lower, as it fueled expectations of a broader accord to conclude the U.S.-Israeli conflict with Iran — a move that could lead to the reopening of the Strait of Hormuz.
By 0458 GMT, Brent futures declined by 87 cents, or 0.89%, reaching $96.92 a barrel, and U.S. WTI crude slipped 78 cents, or 0.81%, to $95.24 — reducing the increases seen earlier in the week.
A rise of about 2% was seen in both Brent and WTI crude on Wednesday(3 Jun 2026) after fresh conflict erupted in the Middle East — specifically Iranian strikes on Kuwait and U.S. military operations close to the Strait of Hormuz.
Both Israel and Lebanon stated on Wednesday night that they had reached a ceasefire agreement, raising expectations for a potential accord between the U.S. and Iran. Tehran has linked any deal in part to the cessation of hostilities between Israel and Lebanon.
Source: Reuters