US Believes Israel, Lebanon To Agree On Terms To End Israel-Hezbollah Conflict: Report

Israel and Lebanon have agreed to the terms of a deal to end the Israel-Hezbollah conflict, Axios reported on Monday citing an unnamed senior US official.

Israel's government on Monday said it was moving towards a ceasefire in the war with Hezbollah but there were still outstanding issues.

Oil Prices Fall 2%

Oil prices fell around 2 per cent on Monday after Axios reported that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing an unnamed senior US official.

Brent crude LCOc1 futures were down 2.08 per cent, or $1.56, at $73.61 a barrel by 1423 GMT, while US West Texas Intermediate CLc1 crude futures were down 2.33 per cent, or $1.66, at $69.58 a barrel.

Israel said on Monday that it is moving towards a ceasefire in the war with Hezbollah but there are still issues to address, while Lebanese officials voiced guarded optimism but said Israeli Prime Minister Benjamin Netanyahu was not to be trusted.

(Further updates awaited)