Oil Prices Stabilize After Steep Losses

(RTTNews) - Oil prices stabilized on Friday after falling sharply in the previous session as a U.S.-brokered ceasefire agreement between Israel and the Lebanese government raised hopes for broader de-escalation in the U.S.-Israeli conflict with Iran.

Brent crude futures were down half a percent at $94.46 a barrel, after having fallen nearly 3 percent in the previous session. WTI crude futures were down 0.7 percent at $92.35.

That said, Brent prices remain on track for a weekly gain of more than 4 percent amid stalled U.S.-Iran talks to find a diplomatic solution to end the war.

Hezbollah rejected the latest ceasefire agreement between Israel and the Lebanese government, saying the "imaginary ceasefire" would amount to "a surrender, defeat and achieving the enemy's goals."

Elsewhere, Israeli ministers also refrained from approving the proposed ceasefire arrangement during a security cabinet meeting.

"Hezbollah opposes it, and therefore I am not bringing it for a decision. If it agrees, I will bring it for your approval," Prime Minister Benjamin Netanyahu told ministers.

The Israel Defense Forces (IDF) eliminated Hezbollah's engineering unit commander Abed Harb, escalating tensions and throwing the future of the truce into an abyss. Meanwhile, Iranian Foreign Minister Abbas Araghchi said Thursday that Iran and Oman will jointly manage the Strait of Hormuz in line with international law.