Iran-Israel Ceasefire Boosts Oil Prices Temporarily

Oil prices declined on Tuesday after Iran and Israel announced they had halted attacks on each other following an appeal from US President Donald Trump.

The Brent crude futures fell by 91 cents, or 1%, to $93.34 a barrel at 0400 GMT, while U.S. West Texas Intermediate declined $1.13, or 1.2%, to $90.17 a barrel.

Investors are cautious about the truce holding, with Tim Waterer, chief market analyst at KCM Trade, stating that 'while there is some relief from the latest pause in direct strikes, investors are not convinced the truce will hold.'

Tehran warned it would resume strikes if Israel continued to hit Hezbollah in Lebanon, and Israeli Prime Minister Benjamin Netanyahu said his country would respond with force if Iran attacked again.