𝖮𝗂𝗅 𝖯𝗋𝗂𝖼𝖾𝗌 𝖥𝖺𝗅𝗅 𝖺𝗌 𝖧𝖾𝗓𝖻𝗈𝗅𝗅𝖺𝗁 𝖱𝖾𝗃𝖾𝖼𝗍𝗌 𝖢𝖾𝖺𝗌𝖾𝖿𝗂𝗋𝖾 𝖯𝗅𝖺𝗇
Oil prices dropped on Friday after Hezbollah rejected a US-backed ceasefire plan in Lebanon. Brent crude fell 0.22% to $95.24 per barrel. West Texas Intermediate crude slipped 0.11% to $92.94 per barrel during early trading.
Both oil benchmarks are still on track for their first weekly gain in three weeks. WTI has risen more than 6% this week as Middle East tensions continue to support prices.
Hezbollah leader Naim Qassem rejected a US-brokered agreement between Israel and Lebanon. Iran has said a ceasefire in Lebanon must happen before any broader peace deal with Washington. President Donald Trump said on Thursday he believes progress is happening between Israel and Lebanon.
Analysts say mixed signals from the region keep investors cautious. Supply fears remain high because of limited traffic through the Strait of Hormuz. The waterway carries nearly one-fifth of the world's oil supply.
Other key developments include:
- OPEC kept its 2026 global oil demand growth forecast at 1.2 million barrels per day. Secretary General Haitham Al Ghais said the group remains confident about demand.
- Iran's oil exports fell to their lowest level in six years due to a US naval blockade.
- Weaker demand from China has helped limit the impact on global prices.
- Declining global oil inventories threaten to tighten supplies further and trigger another price increase during the third quarter.
Analysts expect crude prices to stay volatile in the coming weeks.