Oil prices drop after Israel, Hezbollah reportedly agree to ceasefire in Oil & Companies News 20/06/2026 Oil prices dropped on Friday, keeping them on track for a steep weekly fall, after media reports said Israel and Hezbollah had agreed to a ceasefire. As of 09:06 ET (13:06 GMT), Brent crude futures, the global oil benchmark, had fallen 0.9% to $79.15 per barrel, while U.S. West Texas Intermediate crude futures dropped 1.1% to $75.77 per barrel. Both benchmarks were set to decline by more than 9% for the week. They are sitting near their lowest levels since early March, shortly after the start of the joint U.S.-Israeli assault on Iran. Citing a senior U.S. official, Reuters said that negotiators from the U.S. and Qatar worked out the deal with help from Iran. U.S.-allied Israel’s campaign against Iran-backed Hezbollah militants in Lebanon has been a major sticking point between the Washington and Tehran. Tehran has told mediators that Israel’s strikes constituted a breach of a preliminary agreement with the U.S. signed earlier this week, and were searching for guarantees that the attacks would end before much-anticipated nuclear negotiations can begin, The Wall Street Journal reported. U.S.-Iran nuclear talks called off Reports of the Israel-Hezbollah ceasefire came after Switzerland’s foreign ministry said that talks between the U.S. and Iran due to begin in mountaintop resort of Burgenstock on Friday had been postponed. The discussions had been set to revolve around an ongoing dispute over Iran’s nuclear ambitions. Crucially, along with halting hostilities, the preliminary accord between the U.S. and Iran restores commercial navigation through the Strait of Hormuz — a vital waterway for around one-fifth of global oil shipments. The U.S. also said it has lifted its naval blockade on Iranian ports. The agreement has raised expectations that millions of barrels of stranded crude could gradually return to international markets in the coming weeks and months. Shi