Crude oil prices declined on Thursday after a US-brokered ceasefire between Israel and Lebanon raised hopes of a breakthrough in US-Iran peace talks. Brent fell 0.7% to $97 per barrel and WTI slipped 0.6% to $95. The ceasefire, which sees Hezbollah withdraw from southern Lebanon, could help reopen the Strait of Hormuz, though risks remain amid ongoing Gulf tensions.