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

Oil prices saw little change on Friday after a significant drop. Hopes for an early end to the U.S.-Israeli conflict with Iran have faded. This follows the Hezbollah militia…