WTI crude recovers from earlier lows as stalled negotiations over Lebanon’s southern border fuel supply concerns.
Oil prices edged higher after talks between Israel and Lebanon collapsed over Israel’s demand to maintain a security buffer zone in southern Lebanon. WTI crude rose 62 cents to $70.98, recovering from a session low of $68.90.
The deadlock follows a broader downturn in oil markets, with prices plunging from $96 to $68 in recent weeks. U.S. mediators proposed a temporary security zone to be handed over to Lebanese forces, but Israel’s insistence on operational control stalled progress.
The modest rebound reflects cautious buying amid geopolitical uncertainty, though broader bearish sentiment persists.