Oil Prices Drop 1.4% on Israel-Lebanon Ceasefire

West Texas Intermediate futures fell 1.4% to $89.88 per barrel, down over 3% for the week.
The decline followed a U.S.-announced 10-day cease-fire between Israel and Lebanon, raising hopes for broader Middle-East de-escalation.
President Trump will invite Israeli PM Netanyahu and Lebanese President Aoun to the White House and may extend the cease-fire past April 21.
OPEC and IEA forecasts of weaker global oil demand added further pressure on prices.