MarketPR
Oil prices turned lower Friday after a U.S. official told CNBC that Israel and Iran-backed Hezbollah had agreed to a ceasefire, set to take effect at 4 p.m.
The agreement between the two sides triggered an immediate reversal in crude, erasing gains that had been built on Middle East risk.
What the Ceasefire Signals for Energy Markets Oil markets have long priced a geopolitical premium when conflict in the Middle East intensifies.
Hostilities involving Israel and Hezbollah — the Lebanese militant group backed by Iran, a major crude producer — heighten concern over regional supply disruptions and shipping routes.
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