Oil prices eased on Tuesday (June 9) after a volatile trading session, as Iran and Israel paused attacks on each other, reducing immediate concerns over disruptions to energy supplies.

The pullback came after both countries said they had stopped attacking each other following an appeal from US President Donald Trump.

However, Tehran warned that it would resume strikes if Israel continued targeting Hezbollah in Lebanon.

At around 8:00am IST, WTI crude was trading at $90.78 a barrel, down 52 cents or 0.57%, while Brent crude fell 48 cents, or 0.51%, to $93.77 a barrel.

The decline followed a sharp rise in oil prices a day earlier, when crude had surged more than 5% amid renewed tensions in the Middle East. Brent has gained around 31% since the conflict began more than 100 days ago, while WTI has risen about 37%. Earlier in April, Brent had climed above $126 a barrel.

Oil prices had jumped on Monday after fresh Israeli strikes on Iran and attacks in Lebanon raised doubts about a quick end to the conflict. Israel said it had targeted a petrochemical plant in southwestern Iran that was being used to produce ballistic missiles. In response, Iran's Revolutionary Guard Corps said it has struck a similar Israeli facility in Haifa.

Meanwhile, OPEC+ agreed on Sunday to raise oil output targets for the fourth time in four months in response to the supply crisis.

END/ASA

At least 34 people, including two babies were killed when a contraband fuel depot exploded into flames in southern Benin near the border with Nigeria on Saturday.

According to Beninese Interior Minister Alassane Seidou, “a serious fire occurred in the town of Seme Podji. Another 20 people were seriously wounded in the incident.”

"I can't really give you the cause of the fire, but there is a large gasoline warehouse here and cars, tricycles and motorcycles come from morning to evening,” he added.

Nigeria is a main oil and gas producer where fuel smuggling is very common along its borders, particularly when the government maintains a subsidy to keep fuel prices low.

The majority of the victims were burnt and they could not be not be identified.

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