Oil prices edged lower on Friday as hopes of easing tensions in the Middle East calmed investor fears. Brent crude futures dropped $1.34, or 1.35%, to $98.05 a barrel. U.S. West Texas Intermediate crude fell $1.65, or 1.74%, to $93.40 a barrel. This decline follows a 10-day ceasefire between Lebanon and Israel and remarks from U.S. President Donald Trump about potential talks with Iran. The ceasefire took effect at midnight on Friday, pausing clashes between Israeli forces and Hezbollah. Experts suggest that WTI prices are likely to remain volatile within the $80 to $100 range until a formal agreement is reached. Brokerage firm Macquarie noted that oil prices are likely to stay supported in the $85 to $90 range, with a gradual move toward $110 as flows through the Strait of Hormuz normalize. Analysts warn that crude may remain within a range of $80 to $85 on the downside and $95 to $100 on the upside in the near term.
