Brent crude rises to $73.28 per barrel

Oil prices are moderately rising on November 26 morning, trying to slightly recover from the decline at the end of the previous session caused by reduced geopolitical risks in the Middle East, Report informs via Interfax.

January Brent futures rose on the London ICE Futures exchange by $0.27 (0.37%) to $73.28 per barrel.

January WTI futures increased on the New York Mercantile Exchange (NYMEX) electronic trading by $0.24 (0.35%) to $69.18 per barrel.

Media reports indicate that Israel and Lebanon are close to reaching a ceasefire agreement. According to Israeli channel Kan, the agreement includes, among other things, the withdrawal of Israeli forces and Hezbollah units from southern Lebanon.

Additionally, Washington has guaranteed that Israel can take military action if Hezbollah violates the agreement. The US continues efforts to achieve a ceasefire agreement between Israel and the Lebanese Shiite movement Hezbollah, State Department spokesperson Matthew Miller announced on November 25, adding that the parties have made 'significant progress toward reaching an agreement' in recent days.

Monday's oil price decline was a result of "reduced risk premium related to the Middle East war," noted Michael Lynch from Strategic Energy & Economic Research.

Talk of a truce in Lebanon combined with Iran's restrained position means that the likelihood of supply disruptions, whether intentional or accidental, has greatly decreased, he told MarketWatch.