Oil prices fell slightly on Friday as hopes for a ceasefire in the Middle East faded following Hezbollah's rejection of a US-backed proposal in Lebanon.

Brent crude slipped 0.6 per cent to $94.45 a barrel, retracing some of Monday's gains

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

Crude falls as Iran reviews US proposal and traders assess supply risks

Prices rise for third day as fresh fighting flares up in the Middle East