Oil markets watch Lebanon and Hormuz
Oil prices declined as tankers resumed crossing the Strait of Hormuz after the signing of a temporary agreement between the United States and Iran, which increases global oil supplies. Tensions in Lebanon and doubts about the durability of the ceasefire between Washington and Tehran supported the market, while Brent crude dropped to around $78.31 per barrel and West Texas Intermediate to $76.14. The agreement is expected to lead to the release of over 85 million barrels of oil and the cancellation of some sanctions on Iran, which could influence the oil markets in the coming months.
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