Oil declines 1.3% after Israel and Iran announced the cessation of mutual attacks
Oil prices fell today, Tuesday, giving up most of the gains of the previous session, after Iran and Israel announced a halt to mutual attacks in response to the call of US President Donald Trump, despite both sides warning of the possibility of resuming hostilities.
And Brent crude futures rose by $1.14, or 1.2%, to reach $93.11 per barrel at 06:30 GMT, while US West Texas Intermediate crude fell by $1.3, or 1.4%, to reach $90.00 per barrel.
Prices had risen by up to 5% in the previous session after renewed Israeli raids on Iran and the attacks in Lebanon reduced hopes for an imminent end to the war, but it reduced its gains after the Iranian armed forces announced the end of military operations against Israel.
Iran and Israel announced a cessation of mutual attacks after a call from President Trump calling on them to "cease-fire" immediately, but Tehran confirmed that it would resume strikes if Israel continued to target Hezbollah in Lebanon.
In a video statement broadcast on Israeli television, Israeli Prime Minister Benjamin Netanyahu said that Israel would respond forcefully if it launched a Irannew attack.
In an interview with Axios published on Monday, Trump said he warned Netanyahu that he might find himself fighting alone if he returned to war with Iran.
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