Oil Price Update

Oil prices declined on Thursday, 4 June, after the ceasefire agreement between Israel and Lebanon raised optimism about a broader resolution to the US-Israeli conflict with Iran. Sentiment was also influenced by the US House passing a resolution aimed at limiting President Donald Trump's authority to engage in military action. Brent crude futures fell 67 cents, or 0.69%, to $97.14 per barrel, while US West Texas Intermediate (WTI) crude dropped 62 cents, or 0.65%, to $95.40 per barrel. Both benchmark indices climbed around 2% on Wednesday, building on gains from the previous session amid escalating tensions in the Middle East, including Iranian attacks on Kuwait and US military strikes near the Strait of Hormuz.