Commodities

Oil Drops as Israel Moves Closer to Cease-Fire With Hezbollah

Israeli ambassador says agreement may come ‘within days’
Trading thin ahead of US Thanksgiving holiday, OPEC+ meeting

Israel, Hezbollah Close to Cease-Fire, Envoy Says

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By Mia Gindis and Maggie Eastland

November 24, 2024 at 11:31 PM UTC

Updated on

November 25, 2024 at 7:57 PM UTC

This article is for subscribers only.

Oil dropped as light pre-holiday trading exacerbated signs of diminishing risks from the conflict in the Middle East.

West Texas Intermediate shed 3.2% to settle below $69 a barrel. The Israeli ambassador to the US said a cease-fire agreement between his country and Lebanon’s Hezbollah could happen “within days.” Brent slid 2.9% to settle near $73.