Oil prices fall on ceasefire optimism and renewed Iran talks prospects

Oil prices fell in early trade on Friday on optimism the Middle East conflict could be nearing an end, after a ceasefire between Israel and Lebanon took effect and US President Donald Trump signaled possible talks with Iran, Reuters reported.

Brent crude futures declined by $1.34, or 1.35%, to $98.05 a barrel, while US West Texas Intermediate (WTI) crude fell $1.65, or 1.74%, to $93.40 a barrel, trimming gains from the previous session.

Market sentiment improved after a 10-day ceasefire between Israel and Lebanon came into force and Trump said the United States and Iran could meet for talks over the weekend, the report said.