Oil Price Today (June 4): Crude oil slips as Israel-Lebanon ceasefire fuels Iran war peace hopes. What’s next?

June 4, 2026

Oil prices dipped as a ceasefire between Israel and Lebanon sparked hopes for broader diplomatic progress, potentially easing U.S.-Iran tensions. The U.S. House also passed a resolution limiting President Trump’s military action against Tehran. Despite these developments, analysts warn that disruptions in the Strait of Hormuz could significantly impact global supply for years.

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