Oil retreated after Iran announced an end to its latest military actions against Israel on Monday.
While prices are still up for the day, they have ceded most gains following the development.
Brent crude, the international benchmark, had gained as much as 5% earlier in the session, but was trading 1.86% higher and clocked in at $94.83 at 8:59 a.m. ET. West Texas Intermediate, the U.S. benchmark, was trading 1.34% higher and stood at $91.74 at the same time.
Iran's central military headquarters, Khatam al-Anbiya Central HQ, said in a statement that the "suspension of Armed Forces operations is announced," claiming it "delivered a painful response to the regime in support of the oppressed people of Lebanon."
Tehran went on to claim that the attack, which followed Israeli strikes against a Beirut suburb considered a Hezbollah stronghold, "is a response from which the illegitimate Zionist regime and its supporters should have learned a lesson."
"If aggressions and hostile actions continue, including in southern Lebanon, far more severe and crushing measures than before will follow," the statement added, according to the semiofficial Tasnim news agency.
The development follows a social media publication from President Donald Trump, who said Israel and Iran were "looking to do an immediate CEASEFIRE."
"Final negotiations on "Peace" are proceeding, subject to ignorance or stupidity getting in its way. The Blockade will remain in place, and in full force and effect, until a "Final Deal" is reached. Things should move quickly," Trump added.
Hostilities rose on Sunday after strikes against what Israel described as a Hezbollah command center in the Dahieh following continued strikes against the northern region of the country.
Iran then launched ballistic missiles at Israel to follow through on its threat to avoid striking the area as it considered both fronts as part of a whole.
President Donald Trump publicly warned Israeli Prime Minister Benjamin Netanyahu not to retaliate to give room for diplomacy to move forward, but hours later Israel attacked anyway.
The IDF said "extensive" strikes were conducted, aimed largely at "strategic defense systems." "Recently, defense systems were deployed in numerous areas across Iran as part of the regime's efforts to restore its detection and defense capabilities, which were degraded during Operation Roaring Lion," the IDF added.
Iranian media reported explosions were heard in Tehran, Karaj, Isfahan, Tabriz and Kermanshah. Iran later conducted more missile strikes, while Yemen's Houthi rebels, also allied with Tehran, launched two as well. There have been no reports of casualties in Israel resulting from the attacks. Overall, Iran launched 24 ballistic missiles since Sunday night. All of them were intercepted or struck open areas.
Originally published on IBTimes
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