Washington, June 4 (SANA) Oil prices fell on Thursday after a ceasefire agreement between Israel and Lebanon raised hopes for a broader deal that could help ease regional tensions, while the U.S. House of Representatives approved a measure seeking to limit President Donald Trump’s authority to conduct military action against Iran without congressional approval.
CNBC reported that Brent crude futures fell 0.8% to $96.97 a barrel, while U.S. West Texas Intermediate (WTI) crude declined 0.8% to $95.27 a barrel.
Both benchmarks had gained about 2% on Wednesday, extending advances for a second consecutive session amid renewed military tensions in the Middle East, including Iranian attacks on Kuwait and U.S. military strikes near the Strait of Hormuz.
The U.S. House of Representatives on Wednesday passed a resolution introduced by Democratic lawmakers calling for a halt to military operations against Iran unless formally authorized by Congress. Trump also indicated that progress in negotiations with Iran could be achieved by early next week.
Gold prices came under pressure on Thursday as heightened tensions between the United States and Iran fueled energy prices and increased concerns over inflation.
Bloomberg reported that gold approached $4,450 an ounce after falling 1.2% in the previous session.
In spot trading, gold rose 0.3% to $4,448.09 an ounce in early Asian trading.
Silver gained 0.5% to $73.07 an ounce, while platinum edged lower and palladium advanced.
In currency markets, the Bloomberg Dollar Spot Index was little changed after closing the previous session up 0.3%.
Market sentiment remained sensitive to developments in the Middle East following an escalation in regional tensions on Wednesday, described as the most serious since a ceasefire agreement took effect in early April.
N.J/R.K
