- First cruise ship crosses Strait of Hormuz since war began |
- MDBs stress co-op support global stability amid uncertainty |
- PM opens first Hajj flight, visits Ashkona camp |
- River ports asked to hoist cautionary signal No 1 |
- Oil prices drop 9% & Wall Street rallies to a record after Iran reopens Hormuz |
Oil Prices Fall as Israel-Lebanon Truce Lifts Hopes
Global oil prices declined as hopes grew that tensions in the Middle East could ease following the Israel-Lebanon ceasefire.
Brent crude futures fell by more than 1 percent to $98.05 per barrel on Friday, while US crude dropped below $94 per barrel.
Oil prices had surged sharply in March, rising by as much as 50 percent amid escalating tensions involving the United States, Israel and Iran. Although prices have since slipped below the $100 mark, they have remained in the $90 range throughout the week.
Market sentiment was also influenced by comments from US President Donald Trump, who said officials from the United States and Iran could meet in Pakistan over the weekend to discuss prospects for peace. His remarks drew attention from investors, adding to expectations of a potential de-escalation in the region.