Israel and Lebanon agree to renew ceasefire

Israel and Lebanon on Wednesday agreed to renew a ceasefire but said it would require a "complete cessation" of fire by Iran-backed Hezbollah. The agreement was announced in a joint statement after US-led talks in Washington.

The two sides, which do not have formal diplomatic relations, also agreed to establish a number of “pilot security zones" in which the Lebanese armed forces "will take exclusive control of the territory to the exclusion of all non-state actors."

Market reaction 

At the time of writing, the West Texas Intermediate (WTI) is up 1.70% on the day at $93.25.