Oil falls 2% on Israel-Lebanon ceasefire report

By Arunima Kumar and Enes Tunagur

(Reuters) -Oil prices fell around 2% on Monday after Axios reported that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing an unnamed senior U.S. official.



Brent crude futures were down 2.08%, or $1.56, at $73.61 a barrel by 1423 GMT, while U.S. West Texas Intermediate crude futures were down 2.33%, or $1.66, at $69.58 a barrel.

Israel said on Monday that it is moving towards a ceasefire in the war with Hezbollah but there are still issues to address, while Lebanese officials voiced guarded optimism but said Israeli Prime Minister Benjamin Netanyahu was not to be trusted.

Source: Investing.com