Oil prices changed after news from the Middle East.

Oil prices plummeted after Axios reported an agreement between Israel and Lebanon to cease hostilities with 'Hezbollah'.

Brent crude prices fell by $1.34 (or 1.78%) to $73.83 per barrel, according to Reuters. There was also a decline in West Texas Intermediate (WTI) oil prices by $1.44 (or 2.02%) to $69.80 per barrel, as reported by Economic Truth.

Israel announced its intention to cease fire in the conflict with 'Hezbollah', but the matter is still unresolved.

Lebanese officials expressed cautious optimism, but they have doubts regarding Israeli Prime Minister Benjamin Netanyahu.