Oil Prices Edge Up in Early Asian Trading as Trump Aims to De-escalate Israel-Hezbollah Tensions

Deep News07:43

Oil prices saw a modest increase during early Asian trading hours. The front-month West Texas Intermediate crude futures contract rose by 0.2%, trading at $92.31 per barrel.

On Monday, US President Donald Trump attempted to de-escalate the intensifying conflict between Israel and Hezbollah, a situation that threatened ongoing peace negotiations between the United States and Iran. Trump announced that both sides had agreed to a ceasefire, and Israeli Prime Minister Benjamin Netanyahu had called off a planned attack on Lebanon.

However, Joseph Dahrieh of Tickmill noted in an email that the US-Iran talks lacked a clear breakthrough, and the risk of renewed conflict events in the Middle East persists. The managing director added that these factors are heightening concerns that restrictive measures affecting the Strait of Hormuz could remain in place longer than previously anticipated, thereby supporting elevated oil prices.

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