Oil prices rise as Israel and Lebanon plan peace talks

Oil prices settled higher on Thursday as market participants weighed the prospects of diplomatic resolutions against ongoing disruptions in the Middle East. While prices initially surged by more than 5%, they pared those gains to finish approximately 1% higher after Israel announced intentions to enter direct peace negotiations with Lebanon as soon as possible.

Brent Crude Oil futures settled at $95.65 a barrel, up 90 cents. Meanwhile, West Texas Oil rose by $3, or 3.2%, to reach $97.39. Both benchmarks had briefly climbed above the $100 threshold earlier in the session before retreating. The volatility underscores deep-seated doubts regarding the durability of a recent ceasefire, especially as military activity persists in the region.