Oil Prices Fall on Ceasefire Hopes and Potential US-Iran Talks

Oil prices declined after a reported ceasefire between Israel and Lebanon and signals of possible US-Iran talks, though uncertainties remain. Make us preferred on Google Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied This photograph shows fuel prices displayed on a totem at a Leclerc petrol station in Saint-Etienne-de-Montluc, western France, on April 15, 2026, as US-Israel war on Iran, launched on February 28, has roiled global energy and equities markets, sending oil prices skyrocketing after Tehran virtually closed the key Strait of Hormuz. (Photo by Loic VENANCE / AFP) Content Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied Flip Make us preferred on Google Oil prices fell on Friday, April 17, amid optimism that tensions in the Middle East could ease following a reported ceasefire between Israel and Lebanon and the prospect of new talks between the US and Iran. Brent crude fell by 0.61% to $98.78 a barrel, while US West Texas Intermediate dropped 0.94% to $93.8, according to Reuters . Follow our coverage of the war on the @Kyivpost_official . The decline followed reports that a 10-day ceasefire between Israel and Lebanon had taken effect, alongside comments by US President Donald Trump that Washington and Tehran could hold talks as early as this weekend. “We’re very close to making a deal with Iran,” Trump told reporters on Thursday. The conflict has disrupted global oil markets, particularly after the Strait of Hormuz – a key shipping route – was closed for weeks, affecting a significant share of global supply. Trump said a 10-day ceasefire would begin at 5 p.m. Eastern Time on Thursday following talks with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu, though neither Israel nor Lebanon has confirmed the specific terms. Despite Trump’s announcement, uncertainty persists over the ceasefire and broader negotiations. According to Politico , Trump has pushed for a temporary ceasefire between Israel and Lebanon as part of efforts to advance talks with Iran, even as negotiations remain far from a comprehensive deal. Earlier, the two-week ceasefire between Iran and the US got off to a shaky start, with Tehran accusing Israel of continuing strikes in neighboring Lebanon – which both Washington and Israel claimed were not covered by the agreement. Other Topics of Interest Trump Announces 10‑Day Ceasefire Between Israel and Lebanon The ceasefire follows direct talks aimed at reducing hostilities. Still, the Israel-Lebanon truce could help pave the way for renewed talks between Washington and Tehran, after negotiations collapsed over the weekend amid disagreements on Iran’s uranium enrichment program. At the same time, Lebanon has signaled reluctance to engage directly with Israel. Aoun declined to speak with Netanyahu, despite Trump’s claims that talks were imminent, a Lebanese official told CNN . “We told America we aren’t ready to take that step,” the official said. Lebanese officials also indicated they would not pursue further negotiations until a ceasefire between Israel and Hezbollah is firmly in place. The war has had a significant impact on global energy markets, contributing to a sharp rise in oil prices earlier this year before the latest decline. In Ukraine, the government has announced a fuel cashback program to address the skyrocketing fuel prices. Yuliia Zavadska is a news writer at Kyiv Post. She has experience in breaking news coverage, fact-checking, and digital journalism, with a focus on fast, accurate reporting and clear storytelling. Before joining Kyiv Post, she worked as a news feed editor for several leading Ukrainian media outlets.