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OIL: Israel/Hezbollah Ceasefire Holds but Remains Fragile

OIL
BulletEnergy BulletsCommodities

A ceasefire agreement between Israel and Hezbollah put pressure on oil prices at the start of the week, while signs of its fragility on Thursday saw prices rise again.

  • The ceasefire remains in place but Israel and Lebanon have blamed each other on Thursday for violating a fragile US-brokered ceasefire agreement that came into effect a day earlier.
  • Hezbollah alleged that Israeli forces had fired on civilians, and the Israeli military said its warplanes had struck southern Lebanon after detecting what it described as Hezbollah activity at an alleged rocket storage facility.
  • As part of the deal, the Israeli military has 60-days to vacate southern Lebanon while Hezbollah has to withdraw north of the Litani River.
  • For oil markets, Hezbollah marks Iran’s leading proxy in the region and escalations risk drawing Tehran deeper into the conflict and leaving its oil infrastructure as a potential Israeli target.
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A ceasefire agreement between Israel and Hezbollah put pressure on oil prices at the start of the week, while signs of its fragility on Thursday saw prices rise again.

  • The ceasefire remains in place but Israel and Lebanon have blamed each other on Thursday for violating a fragile US-brokered ceasefire agreement that came into effect a day earlier.
  • Hezbollah alleged that Israeli forces had fired on civilians, and the Israeli military said its warplanes had struck southern Lebanon after detecting what it described as Hezbollah activity at an alleged rocket storage facility.
  • As part of the deal, the Israeli military has 60-days to vacate southern Lebanon while Hezbollah has to withdraw north of the Litani River.
  • For oil markets, Hezbollah marks Iran’s leading proxy in the region and escalations risk drawing Tehran deeper into the conflict and leaving its oil infrastructure as a potential Israeli target.