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HOUSTON: Oil prices pared gains that had lifted them more than 5 per cent on Monday after Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump.
Tehran, however, said it would resume strikes if Israel continued to hit Hezbollah in Lebanon. Brent crude futures were up $1.06, or 1.2pc, at $94.14 a barrel as of 1:29 p.m. ET (1729 GMT), while US West Texas Intermediate crude futures were up 45 cents, or 0.5pc, at $91.01.
Brent has risen around 31pc since the eve of the conflict just over 100 days ago, while WTI has risen around 37pc. Brent in April touched a peak above $126 a barrel.
Prices gained more than 5pc earlier on Monday after renewed Israeli strikes on Iran and attacks on Lebanon had reduced hopes of an imminent end to the wider war.
