Global crude oil prices rose yesterday but registered steep losses on a weekly basis. During the week, Brent crude August futures plunged more than 7.7 per cent to settle at 80 US dollars and 57 cents per barrel, while West Texas Intermediate July futures shed over 8.6 per cent to end at 77 US dollars and 54 cents per barrel.
Yesterday, a fragile ceasefire between Israel and Hezbollah took effect following intensive diplomatic efforts by the United States, Qatar and Iran. The ceasefire is being seen as an important step towards easing tensions across West Asia, supporting ongoing diplomatic efforts between Washington and Tehran aimed at reducing regional tensions and ensuring the smooth flow of trade through regional shipping routes.
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