Oil rally loses steam after Israel agrees to negotiate with Lebanon
- U.S. crude oil surged above $100 earlier as the market realized that Iran is limiting traffic through the Strait of Hormuz despite the ceasefire agreement with the U.S.
- The rally eased after Prime Minister Benjamin Netanyahu said Israel would negotiate with Lebanon “as soon as possible.”
- Israel’s military campaign in Lebanon threatens to unravel the U.S.-Iran ceasefire.