Oil prices fall in international markets

Oil prices in the international market have fallen slightly on news that the ceasefire agreement between Israel and Lebanon has become stronger. According to analysts, this diplomatic progress has created the possibility of easing the ongoing regional tensions centered on Iran, which has had a positive impact on oil prices in the global market.

According to data from 12:15pm Greenwich Mean Time (GMT), the price of international benchmark Brent crude fell by 67 cents, or 0.69 percent, to 97.14 US dollars per barrel on Wednesday. In addition, the price of US West Texas Intermediate (WTI) crude oil fell by 62 cents, or 0.65 percent, to 95.40 US dollars per barrel, reports Al Jazeera.

Market analysts say that due to long-term geopolitical tensions and war in the Middle East, fuel prices have been continuously rising in the world market for the past few months. However, after the news of peace talks and the strengthening of the ceasefire agreement between Israel and Lebanon spread, investors' concerns began to decrease. As a result, this decline in oil prices has been seen in the oil market.

International energy experts believe that if the diplomatic agreement is successfully implemented and the ongoing overall war situation centered on Iran is permanently ended, the oil supply situation in the world market will return to normal.

According to them, this may result in fuel prices falling further in the coming days and making it more affordable for ordinary consumers. However, the relevant traders believe that the future trend of the world market will also depend to a large extent on the current security situation in important waterways such as the Gulf of Oman and the Strait of Hormuz.