West Texas Intermediate (WTI), futures on NYMEX, trades flat at around $91.00 during the early European trading session on Friday.
The oil price consolidates even as the United States (US)-brokered ceasefire between Israel and Lebanon is proving to be fragile due to continued attacks between them
Iran-backed Hezbollah chief Naim Qassem has rejected the ceasefire deal as a “farce”, warning that northern Israel will remain a target for fighters as long as Israel continues to bomb Lebanon, Al Jazeera reported. On Thursday, Iran’s Islamic Revolutionary Guard Corps (IRGC) stated that the region will never be stable unless “Israel withdraws from occupied areas in Lebanon”. Renewed conflicts between Israel and Lebanon could escalate uncertainty regarding the US-Iran deal, a scenario that will keep energy supply crisis intact and boost oil prices further.
While there have been no comments from Iran regarding the progress in negotiations with Washington towards a permanent peace deal, US President Donald Trump remains confident that the deal will be finalized soon. On Thursday, US President Trump said in a post on Truth Social that Washington is “in the middle of my final negotiations to end the war with IRGC”, while criticizing all Democratic and four Republican House members for voting in favor of the war powers resolution. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets.