Crude oil prices drop over 4% due to potential Hezbollah-Israel ceasefire

From Investing.com: 2024-10-08 15:20:35

Oil prices dropped over 4% on Tuesday after news of a potential ceasefire between Hezbollah and Israel. Despite this, fears of an attack on Iranian oil infrastructure provided some support. Brent futures settled at $77.18 a barrel, while U.S. WTI futures finished at $73.57 a barrel. The conflict between Israel and Hezbollah has caused volatility in the oil market, with Brent rising above $80 per barrel for the first time since August. Israeli forces made incursions in Lebanon, leading to talk of a ceasefire. Traders are awaiting oil inventory data amid Hurricane Milton’s impact on the Gulf of Mexico.



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