HOUSTON: Oil prices pared gains that had lifted them more than 5% on Monday after Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump. Tehran, however, said it would resume strikes if Israel continued to hit Lebanon.
Market Movements
Brent crude futures were up $1.06, or 1.2%, at $94.14 a barrel as of 1729 GMT, while US West Texas Intermediate (WTI) crude futures were up 45 cents, or 0.5%, at $91.01. Brent has risen around 31% since the eve of the conflict just over 100 days ago, while WTI has risen around 37%.
Earlier Gains
Prices gained more than 5% earlier on Monday after renewed Israeli strikes on Iran and attacks on Lebanon had reduced hopes of an imminent end to the wider war. The de-escalation announcement helped calm markets, but the threat of further disruptions remains.
Analysts noted that the oil market remains sensitive to geopolitical developments in the Middle East, with any escalation potentially driving prices higher. The situation continues to be closely monitored by traders and policymakers alike.
