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• Oil settles down after Israel agrees to ceasefire deal with Lebanon
  (Reuters) - Oil prices settled lower on Tuesday, extending...

  (Reuters) - Oil prices settled lower on Tuesday, extending Monday's losses in choppy trade after Israel agreed to a ceasefire deal with Lebanon, reducing oil's risk premium.

  
  

  Brent crude futures settled down 20 cents, or 0.27%, to $72.81 a barrel. U.S. West Texas Intermediate crude futures settled at $68.77 a barrel, down 17 cents, or 0.25%.

  
  

  Israel's security cabinet has agreed a ceasefire deal with Lebanon, Channel 12 reported. The accord was expected to take effect on Wednesday.

  
  

  Israeli Prime Minister Benjamin Netanyahu said he was ready to implement a ceasefire deal with Lebanon and would "respond forcefully to any violation" by Hezbollah.

  
  

  On Monday, oil prices fell more than $2 following multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict.

  
  

  A ceasefire could pressure crude oil prices because the U.S. administration would likely reduce sanctions on oil from Iran, a supporter of Hezbollah, StoneX analyst, Alex Hodes said in a note on Tuesday.

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• Nigeria's Dangote refinery may squeeze margins for rivals
  As Nigeria's 650,000-barrel-per-day Dangote refinery scales up, analysts...
  As Nigeria's 650,000-barrel-per-day Dangote refinery scales up, analysts warn of mounting pressure on global refining margins, particularly in high-cost regions like Europe. "This is one of the largest refineries that has ever been built, so the pace at which it ramps up is the difference between margins staying good for refiners or deteriorating," said S&P Global Commodity Insights Global Head of Fuels and Refining Daniel Evans.
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• Produced water management challenge requires innovation
  Produced water management is both a challenge and an opportunity for...
  Produced water management is both a challenge and an opportunity for the US oil and natural gas industry, said Occidental Petroleum CEO Vicki Hollub, as she advocated for beneficial reuse. ConocoPhillips' Vice President for the Delaware Basin Aaron Hunter echoed this view and stressed the need for collaboration and quality standards to scale produced water recycling and reuse.
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• Israel and Hezbollah are reportedly on the verge of a cease-fire
  The Israeli cabinet is expected to ...
  The Israeli cabinet is expected to vote on—and pass—a US-backed cease-fire agreement with the Lebanese paramilitary group today, CNN reported. Israeli Prime Minister Benjamin Netanyahu has reportedly agreed “in principle” to the deal, which would give Israel 60 days to withdraw from Lebanon while Hezbollah moves its weapons north, further from Israel. More than 3,500 Lebanese and 140 Israelis have been killed since October 8 of last year, when Hezbollah began attacking Israel in solidarity with Hamas in Gaza.
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• ☕️What Else is Brewing Tuesday Morning
  Trump pledges to slap steep tariffs on Canada, Mexico, and China. In...
  Trump pledges to slap steep tariffs on Canada, Mexico, and China. In posts on Truth Social yesterday evening, the president-elect vowed to place a 25% tariff on all products imported to the US from close allies Canada and Mexico, as well as an additional 10% tariff on all products imported by China. Trump suggested the tariffs would serve as punishment for migrants and illegal drugs, such as fentanyl, arriving in the US from some of those countries. Economists say blanket tariffs on the US’ biggest trading partners (Mexico is No. 1) would raise prices for American consumers and disrupt supply chains. Energy is Canada’s largest export to the US, and Mexico exports loads of autos, electronics, veggies, and plastics to its northern neighbor.
  
  Drake sued Universal Music Group and Spotify, accusing the companies of conspiring to artificially inflate Kendrick Lamar’s diss track, “Not Like Us.”
  
  Sixteen people are missing after a tourist boat sank in the Red Sea off the coast of Egypt, while 28 have been rescued.
  
  The EU said Bluesky is violating rules around information disclosure, though it won’t regulate the platform like it does X because it’s not big enough yet.
  
  Călin Georgescu, an obscure far-right Romanian politician, shockingly won the first round of the country’s presidential election after his campaign clips went viral on TikTok.
  
  AMC Theatres banned moviegoers from singing along to screenings of Wicked, and if you have a problem with that, we can take this outside.
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