Oil prices edged lower after reports of a stronger ceasefire arrangement between Israel and Lebanon raised hopes of a broader diplomatic solution to the conflict involving Iran, the United States and Israel.
Brent crude futures fell 67 cents, or 0.69 per cent, to $97.14 a barrel by 00:15 GMT. US West Texas Intermediate crude futures were down 62 cents, or 0.65 per cent, at $95.40 a barrel.
The decline reflected growing market optimism that easing tensions in the region could reduce risks to global energy supplies.
US Representative Tim Burchett on Wednesday downplayed the significance of a House-approved measure aimed at restricting President Donald Trump’s authority to launch military action against Iran, saying he did not expect it to clear the Senate.
According to Burchett, Democrats pushed the measure through the House while several Republican lawmakers were absent. “It won’t go anywhere in the Senate, I am not really worried about it,” he posted on X.
The Tennessee Republican also stressed the need to secure Iran’s uranium stockpile, arguing that it posed a potential threat to the United States. “We better get that uranium out of the ground or they will be using it on us over there, so we will see what happens,” he said.
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