Oil prices fell more than 2% on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing unnamed senior U.S. officials.
Brent crude futures were down 2.45% at $73.34 a barrel by 11:17 a.m., while U.S. West Texas Intermediate crude futures were down 2.81% or $69.24 a barrel.
Israel said today it is moving toward a ceasefire in the war with Hezbollah, but there are still issues to address, while Lebanese officials voiced guarded optimism but said the Israeli prime minister was not to be trusted.
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