New Delhi, June 4 -- Global crude oil prices fell more than 1% on Thursday morning after Israel and Lebanon agreed to renew a ceasefire, raising hopes of a broader de-escalation in West Asia.

The decline comes after oil prices had risen nearly 2% in the previous session amid fresh hostilities in the region.

The ceasefire, however, is conditional on the cessation of activities by Iran-backed Hezbollah.

At around 8 am, the August Brent crude contract on the Intercontinental Exchange was trading at $96.67 per barrel, down 1.17% from its previous close. Meanwhile, the July West Texas Intermediate (WTI) contract on NYMEX fell 1.06% to $95.00 per barrel.

According to an Associated Press report, Israel and Lebanon agreed on Wednesday to rene...