Crude oil prices hover near $96/bbl as Israel plans to negotiate with Lebanon; COMEX gold down 0.7%

Crude oil prices in the global market cooled to near the $96 per barrel (bbl) region during the early market hours on Friday, April 10, after Israel announced its plans to begin direct negotiations with Lebanon amid the recent military strikes and US President Donald Trump’s two-week ceasefire deal.

A CNN report suggested that Israeli Prime Minister Benjamin Netanyahu has directed his Cabinet to begin ‘direct negotiations’ with Lebanon as soon as possible, and the country plans to disarm the Iran-backed militant group Hezbollah.

Brent crude oil prices surged to $99.5 per bbl, closing in on the psychological level of $100 per bbl during Thursday’s commodity market session, as investors were cautious about the uncertainty, with reports suggesting that Iran is limiting the flow of crude oil tankers through the Strait of Hormuz despite the ceasefire agreement with the US.

The West Texas Intermediate (WTI) crude prices also remained volatile, surging to $102.64 per bbl during the trading session on April 9, after opening at a lower level of $96.63 per bbl, according to Investing.com data.

Oil price today

As of 7:30 am (IST), the global benchmark Brent crude oil futures were trading 0.09% higher at $96.48 per bbl on Friday, April 10, compared to $96.40 per bbl at the previous commodity market close.

Investing.com data also showed that the US-based WTI crude oil futures were trading 0.88% higher at $98.71 per bbl as of 7:31 am (IST) on Friday, compared to $97.87 per bbl at the previous market close.

After a highly volatile session throughout the month of March 2026, certain media reports also suggest that the oil prices are set to witness their worst weekly performance since June 2025.

What’s affecting oil prices today?

Investors were trading oil prices in the market, driven by fear of the developments in the Strait of Hormuz, as Israel’s recent attacks on Lebanon complicated the picture of a ceasefire for West Asia.

Abu Dhabi National Oil Company (ADNOC) CEO, Dr Sultan Al Jaber, in a LinkedIn post, called for the Strait of Hormuz to be opened ‘unconditionally’ without any strings attached and that the present situation showed the passage through the trade route is subject to ‘permission, conditions and political leverage.’

“This moment requires clarity. So let’s be clear: the Strait of Hormuz is not open. Access is being restricted, conditioned and controlled,” he said.

However, the crude oil prices received some relief after Israeli PM Netanyahu directed his Cabinet to begin ‘direct negotiations’ with Lebanon, with the focus on disarming Hezbollah and establishing peaceful relations between the two countries, according to a CNN report.

“In light of Lebanon’s repeated requests to open direct negotiations with Israel, yesterday I instructed the cabinet to begin direct negotiations with Lebanon as soon as possible,” said Prime Minister Benjamin Netanyahu, cited in the news report.

Although Israel welcomed the Prime Minister of Lebanon’s call to ‘demilitarise Beirut,’ the report mentioned that Lebanese President Joseph Aoun said they have “no comments” when asked about Netanyahu’s remarks.

Gold price today

The New York Mercantile Exchange-based COMEX gold prices were trading 0.79% lower at $4,780.30 per ounce as of 10:06 pm (EDT) on Thursday, April 8, compared to $4,818 per ounce at the previous commodity market close.

With the US dollar trading higher in the market, the demand for precious metals like gold was dampened as the investors will be able to buy less of the commodity at a same dollar rate.

Bloomberg US dollar spot index showed that the greenback was trading 0.04% higher at 98.863 as of 10:06 pm (EDT) on Thursday, compared to 98.819 at the previous market close, according to the official data.

US market snapshot

The Dow Jones Industrial Average closed 0.58% higher at 48,185.80 points after Thursday’s market session, compared to 47,909.92 points at the previous close. Stocks like Amazon, Nike, and Caterpillar were among the gainers, while Salesforce, IBM, and Chevron were among the laggards.

The S&P 500 index closed 0.62% lower at 6,824.66 points, compared to 6,782.81 points at the previous trading session. Stocks like Brown-Forman, Sandisk, and Constellation Brands were among the gainers, while Texas Pacific Land Corp., Axon Enterprise, and ServiceNow were among the losers.

The Nasdaq Composite closed 0.83% higher at 22,822.42 points, compared to 22,635 points at the previous trading close, according to MarketWatch data. Stocks such as DarkIris, Aimei Health Tech, and Beasley Broadcast were the gainers, while others like Captivision, Actelis Networks, and Hub Cyber Security were among the laggards.