Oil Pulls Back as Trump Claims Lebanon Ceasefire Deal Is Within Reach

The oil price rally lost steam after President Donald Trump’s diplomatic efforts to de-escalate tensions in Lebanon calmed commodity markets, pushing global oil prices lower and allowing crude to ease from earlier multi-week highs. Brent crude for August delivery was down 1. 7% to trade at $93.

35 per barrel at 4. 45 am ET, while WTI crude for July delivery was down by a similar margin to change hands at $90. 65/bbl. Trump took to Truth Social to claim talks are advancing rapidly and that both Israel and Hezbollah had agreed to halt hostilities.