Oil prices steadied, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday’s OPEC+ meeting of producers, Reuters reports.
Brent crude futures rose 5 cents to $72.86 a barrel by 0415 GMT, while U.S. West Texas Intermediate crude futures were up 3 cents at $68.80 a barrel.Both benchmarks settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon’s Hezbollah.
A ceasefire between Israel and Hezbollah will take effect after both sides accepted an agreement brokered by the United States and France, US President Joe Biden said.
The accord cleared the way for an end to a conflict across the Israeli-Lebanese border that has killed thousands of people since it was ignited by the Gaza conflict last year.