Crude oil prices decline as Middle East tensions ease following ceasefire

Hong Kong. Crude oil prices have fallen in Asian markets. The decline follows hopes that the ceasefire between Israel and Hezbollah could signal an end to tensions in the Middle East.

In Friday's trading, the international benchmark Brent crude fell by more than 1 percent to $98.05 per barrel. Similarly, the US benchmark West Texas Intermediate (WTI) crude also dropped below $94.

The oil market has been highly volatile recently. Specifically, oil prices surged by nearly 50 percent in March due to the conflict between the US, Israel, and Iran. 

Although prices have now fallen below $100, they remain near the $90 mark. Meanwhile, US President Donald Trump has indicated that a meeting with Iranian officials could take place in Pakistan this weekend, which has generated positive expectations among investors.