Oil prices give back gains after Iranian mediators propose plan to ease tensions

The mediator stated that Iran and the United States have agreed to establish a mechanism to ensure the cessation of military operations in Lebanon. Previously, U.S. President Trump threatened Iran on social media on Sunday due to its support of the Lebanese faction Hezbollah, and the two mediators involved in the Iranian negotiations, Pakistan and Qatar, subsequently issued this statement. Analysts at CIMB stated in a report: "We expect the futures market to eliminate the risk premium, while the spot energy market will recover to normal with some delay." The front-month West Texas Intermediate crude oil futures fell by 0.2%, to $76.75 per barrel; Brent crude oil futures dropped by 1.9%, to $79.03 per barrel.