ISLAMABAD: Oil prices fell on Friday, April 17, amid hopes that tensions in the Middle East could ease after a reported ceasefire between Israel and Lebanon and the possibility of new talks between the United States and Iran.
Brent crude fell 0.61 percent to $98.78 a barrel, while U.S. West Texas Intermediate fell 0.94 percent to $93.8, according to Reuters.
The decline followed news that a 10-day ceasefire between Israel and Lebanon had come into effect, as well as comments by U.S. President Donald Trump that Washington and Tehran could hold talks this weekend.
“We are very close to making a deal with Iran,” Trump told reporters on Thursday.
The dispute has disrupted global oil markets, with the Strait of Hormuz – a key shipping route – closed for weeks, affecting a significant portion of global supply.
Trump said the 10-day ceasefire would begin at 5 p.m. Eastern Time on Thursday after talks with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu, although neither Israel nor Lebanon have confirmed specific terms.
Despite Trump’s announcement, uncertainty remains over the ceasefire and broader negotiations.
According to Politico, Trump has pushed for a temporary ceasefire between Israel and Lebanon as part of his efforts to advance talks with Iran, even as the talks remain far from a comprehensive agreement.
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