Oil Prices Dip on Talks of a Middle East Ceasefire

Crude oil prices ticked slightly higher earlier today but soon reversed course as the United States, the European Union and several Arab nations called for a temporary ceasefire between Israel and Lebanon. In more bearish news, the Financial Times reported Saudi Arabia was ready to drop its oil price target of $100 per barrel and boost production to regain market share, according to unnamed sources. As regards the prospect of a ceasefire between Israel and Lebanon, “This is an important breakthrough on the Lebanon side, given all that has…