Brent fell 1.1% to $98.32/bbl and WTI dropped 1.3% to $89.95/bbl after US announced 10‑day Israel‑Lebanon ceasefire.
The ceasefire, set to end April 21, raised hopes for broader US‑Iran peace talks, pressuring oil to a second week of losses.
IEA and OPEC warned of softer global oil demand, while Strait of Hormuz disruptions keep supplies tight, affecting 20% of consumption.
OCBC analysts note US naval blockade entering fourth day and US‑Iran negotiations could take up to six months, adding uncertainty.