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.

Iran said it will halt nuclear talks with the U.S. and block the key shipping chokepoint until Israel withdraws from Lebanon

Prices could hit $150 a barrel if truce falters and Strait of Hormuz remains closed, analysts say