Oil prices drop amid Lebanon-Israel ceasefire

Oil prices fell today, Thursday, after Israel and Lebanon agreed on a ceasefire, boosting hopes for a broader agreement to end the war between the United States and Iran. Brent crude dropped to $97.14 per barrel, while West Texas Intermediate fell to $95.4, despite both having risen about 2% on Wednesday due to escalating fighting in the Middle East. In the United States, the House of Representatives approved a resolution aimed at reducing President Trump's war powers regarding Iran, but the measure requires Senate approval to take effect. Additionally, the Energy Information Administration showed that oil inventories decreased by 8 million barrels to 433.7 million barrels in the week ending May 29.

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