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FINWIRES

Crude Oil Prices Drop After Lebanon-Israel Ceasefire, Potential U.S.-Iran Talks

-- Crude oil prices declined on Friday following news of a 10-day ceasefire between Lebanon and Israel, as markets also eyed a possible end to the war between the United States and Iran.

Brent crude at last look was down 3.3% to US$96.10/barrel and NY crude had fallen 4.1% to $90.75/barrel.

Trump said Tehran had offered not to possess nuclear weapons for more than 20 years, according to the Reuters report. "We're going to see what happens. But I think we're very close to making a deal with Iran," Trump said on Thursday.

U.S. and Iranian negotiators have scaled back expectations for a comprehensive peace deal and are instead considering a temporary memorandum to prevent a return to conflict, Reuters reported, citing two Iranian sources.

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