The ceasefire agreement between Hezbollah and Israel brokered by the United States and France was characterized by President Biden as an attempt to deliver a "permanent cessation of hostilities."

A cease-fire between Israel and Hezbollah brokered by the U.S. and France took effect in Lebanon early Wednesday, raising hopes of ending more than a year of cross-border strikes and a full-scale war that has killed thousands.

Oil prices slid on Tuesday, giving back early gains in choppy trade after Israel agreed to a ceasefire deal with Lebanon, reducing oil's risk premium. Brent crude futures were down 54 cents, or 0.74%,