Oil prices today: Crude falls as Hezbollah rejects US-backed ceasefire, traders assess conflict risks - The Times of India

Key points

• Oil prices fell slightly on Friday as hopes for a ceasefire in the Middle East faded following Hezbollah's rejection of a US-backed proposal in Lebanon.Brent crude slipped 0.22% to $95.24 a barrel, while US West Texas Intermediate (WTI) crude fell 0.11% to $92.94 a barrel in early trade.Despite Friday's decline, both benchmark contracts were on track to record their first weekly gain in three weeks.
• WTI was up more than 6% for the week as tensions in the Middle East continued to support prices, Reuters reported.The market remains focused on the ongoing conflict involving Iran, Israel and the United States, as well as disruptions to shipping through the Strait of Hormuz, a key global energy route through which nearly one-fifth of the world's oil supply passes.Limited traffic through the waterway has fuelled concerns about supply disruptions and pushed prices higher in recent weeks.Fresh uncertainty emerged after Hezbollah leader Naim Qassem...