International oil prices plunge by 4% on mention of Hezbollah ceasefire deal

International oil prices plunged more than 4% after a week of soaring prices due to the escalating crisis in the Middle East.

Brent crude futures for December delivery at $77.18 per barrel on the London Futures Exchange on the 8th local time, down 4.63% from the previous trading day.

Brent crude oil prices fell back to around $70 a barrel a day after rising above $80 a barrel the previous day.

On the New York Mercantile Exchange, the closing price of West Texas Intermediate crude for November delivery was $73.57 per barrel, down more than 4% from the previous trading day.

The easing of concerns over the expansion of the Middle East seems to have dragged down oil prices as Hezbollah has expressed its position that it has room for negotiations on a cease-fire.

Oil price experts said, "The news that Hezbollah left the possibility of a ceasefire negotiations open led to the fall in oil prices. Oil market volatility is increasing following the news of the Middle East conflict."