Oil prices rose on Tuesday after falling more than $2 a barrel in the previous session as investors took stock of a potential ceasefire between Israel and Lebanon's Hezbollah, which had weighed on oil's risk premium.

Oil prices ticked up in early trade on Tuesday after falling in the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil's risk premium. Brent crude futures rose 29 cents,

Gaza Oil prices remained steady on Wednesday after Israel and Hezbollah agreed to a ceasefire, while traders weighed the possibility of Opec+ further extending output cuts. Brent, the benchmark for two thirds of the world's oil,

Oil prices fell more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing unnamed senior U.S. officials.

Oil futures rose Tuesday, taking back some of the ground lost in the previous session when investors reacted to reports Israel and Iran-backed Hezbollah were moving close to a cease-fire.