Oil prices dip as Israel-Lebanon ceasefire raises hopes for Strait of Hormuz reopening.

Oil prices fell after Israel and Lebanon agreed to a ceasefire, easing tensions in the Middle East. This deal is seen as a potential step toward a broader peace that could reopen the Strait of Hormuz, a critical route for global oil and gas shipments. Brent crude dropped to about $96.92 per barrel, and US West Texas Intermediate fell to around $95.24. Market watchers are focused on upcoming talks on June 22, which could further influence oil supply and prices amid ongoing regional instability.