Oil prices declined on Thursday after Israel and Lebanon agreed to a ceasefire, raising hopes for a wider accord to end the conflict involving the United States, Israel and Iran. The U.S. House also passed a resolution aimed at restricting President Donald Trump’s war powers.
Brent futures fell 67 cents, or 0.69 percent, to $97.14 a barrel by 0015 GMT, while West Texas Intermediate crude dropped 62 cents, or 0.65 percent, to $95.40.
Both benchmarks had risen nearly 2 percent on Wednesday following renewed Middle East tensions, including Iranian attacks on Kuwait and U.S. strikes near the Strait of Hormuz.
The Republican-led House approved the resolution on Wednesday to limit Trump’s ability to continue the war against Iran. It would require Senate approval and two-thirds majorities in both chambers to override a likely veto.
Trump indicated possible progress in negotiations with Iran as early as this weekend. Iran’s foreign minister said contacts with Washington remain open but no advances have been made, noting both sides are reviewing exchanged texts.
