Oil Prices Drop as Middle East Ceasefire Hopes Rise

WASHINGTON, United States — Oil prices fell Thursday as markets reacted to a ceasefire agreement between Lebanon and Israel, which raised expectations that a broader accord could end the conflict involving Iran and the United States. Brent crude declined 67 cents to $97.14 per barrel, while West Texas Intermediate fell 62 cents to $95.40. The drop followed a 2 percent rise in the previous session when Middle East tensions escalated after Iran targeted Kuwait and the U.S. carried out military operations near the Strait of Hormuz. Meanwhile, the U.S. Congress passed a bill that would limit the president's authority to continue hostilities against Iran, though the measure still requires Senate approval and could face a presidential veto. President Donald Trump said progress in negotiations with Iran could come in the coming days. Iran's Foreign Minister Abbas Aragchi said contacts with Washington were ongoing but that no concrete progress had been made so far. U.S. petroleum stockpiles fell by 8 million barrels last week, partially supporting prices and exceeding analyst forecasts.