Oil Prices Dip as Israel-Lebanon Ceasefire Revives Iran Deal Hopes

Oil prices were under pressure in early Asian trade on Thursday following the announcement of a ceasefire agreement between Israel and Lebanon. The agreement could ultimately help clear the way for a broader U.S.-Iran deal, which would eventually see the Strait of Hormuz reopen and provide some relief for an increasingly tight oil market. At the time of writing, Brent crude was trading at $96.60 per barrel, down 1.24% on the session, while West Texas Intermediate was down 1.10% at $94.96. The latest pullback follows a sharp rally at the start of…