Oil prices dropped significantly as hopes for a Middle East ceasefire emerged, potentially reopening the Strait of Hormuz. Get the latest on oil prices.

By Ronnie Harui and Megan Cheah

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 dropped significantly as hopes for a Middle East ceasefire emerged, potentially reopening the Strait of Hormuz. Get the latest on oil prices.