Global oil prices dip as fragile Israel-Lebanon truce announced

April 17, 2026 09:13 am

Global oil prices retreated slightly on Friday morning in Asia after a ceasefire between Lebanon and Israel came into effect.

The conflict strained a two-week conditional ceasefire between the US and Iran, with Tehran saying Israel’s attacks on Lebanon were a breach of the agreement.

The price of the global benchmark Brent crude fell by nearly 1% to $98.50 (£72.86) a barrel, while US-traded oil was down by 1.2% at $93.60.

Major Asian markets edged lower on Friday morning after climbing during the week. Japan’s Nikkei 225 index dipped by 0.8%, while the Kospi in South Korea was lower by 0.3%.

Source: BBC
--Agencies

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