Oil prices today: Crude falls as Hezbollah rejects US-backed ceasefire, traders assess conflict risks

Oil prices saw a slight dip Friday as Middle East ceasefire hopes dimmed after Hezbollah rejected a US-backed proposal. Despite this, benchmarks are set for their first weekly gain in three weeks, buoyed by ongoing regional tensions and Strait of Hormuz disruptions. Conflicting signals from the region and declining global inventories are keeping investors cautious, suggesting continued price volatility.