Oil prices above $70 since 2014
Washington, May 7: Rising oil prices just passed another milestone, jumping above $70 per barrel on Monday for the first time since November 2014.
Oil prices have been climbing partly because of expectations that US President Donald Trump will abandon the 2015 Iran nuclear deal, which allowed Tehran to export more crude, reports CNN.
Prices have also gotten a lift from strong global demand and supply cuts by OPEC and Russia.
US oil prices have gained more than 16 per cent since the start of the year.
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Middle East latest: Ceasefire between Israel and Hezbollah in Lebanon begins
Jerusalem (AP): A ceasefire between Israel and Lebanon's Hezbollah began early Wednesday morning, after Beirut residents endured the most intense day of Israeli strikes since the war began.
Many wondered if the agreement to stop fighting would hold. Israel has said it will attack if Hezbollah breaks the ceasefire agreement, which was announced Tuesday.
At least 42 people were killed by Israeli strikes across Lebanon on Tuesday, according to local authorities.
Hezbollah also fired rockets into Israel on Tuesday, triggering air raid sirens in the country's north.
The Israel-Hezbollah ceasefire marks the first major step toward ending the regionwide unrest triggered by Hamas' attack on Israel on October 7, 2023. But it does not address the devastating war in Gaza.
Hezbollah began attacking Israel a day after Hamas' attack. The fighting in Lebanon escalated into all-out war in September with massive Israeli airstrikes across the country and an Israeli ground invasion of the south.
In Gaza, more than 44,000 people have been killed and more than 1,04,000 wounded in the nearly 14-month war between Israel and Hamas, according to Gaza's Health Ministry.
