HOUSTON: Brent and US crude futures fell on Tuesday as fears of supply disruptions from the conflict between Israel and Iran eased after Iranian-backed Hezbollah signaled support for a ceasefire proposal put forth by Lebanon’s government.
Brent crude futures were down $3.70, or 4.57 per cent, to $77.23 a barrel at 11:21 am CDT (1621 GMT). US West Texas Intermediate futures were down $3.57, or 4.63pc, at $73.57 a barrel.
The drop, which began slowly on fears of reduced Chinese demand, snowballed after Hezbollah signalled support for a ceasefire and Israel expanded its ground war in Lebanon instead of attacking Iran’s oil infrastructure.
Published in Dawn, October 9th, 2024
