Oil prices fell after a U.S.-brokered Israel-Lebanon ceasefire raised hopes for a broader regional deal, though the closed Strait of Hormuz continues to strain global supply.

Oil prices rose as Israel’s deeper push into Lebanon renewed fears of a wider Middle East conflict and prolonged disruption at the Strait of Hormuz.

Oil prices sharply rose on Monday afternoon as Iran suspended all indirect talks with the US and vowed to fully close the Strait of Hormuz.