Oil drops following Israel-Lebanon ceasefire

Oil prices declined on Thursday following the announcement of a ceasefire between Israel and Lebanon, boosting hopes for a broader agreement to resolve the crisis between the United States and Iran and to open the Strait of Hormuz. Brent crude fell to $96.92, while West Texas Intermediate dropped to $95.24, amid trading influenced by diplomatic and political developments in the region. Additionally, US oil inventories saw a significant decrease of 8 million barrels, and the International Energy Agency warned that global oil stocks could reach critical levels before summer.

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