Oil plunges over peace prospects in Lebanon and Israel

A possible peace deal in the Middle East between Israel and the Hezbollah in Lebanon sent crude oil prices dropping more than $2 a barrel on Monday.

It came following reports that Israel and Lebanon had agreed to terms of a deal. Reuters reported Israel said on Monday it is moving toward a ceasefire in the war with Hezbollah but there are still issues to address, while Lebanese officials voiced guarded optimism but said Israeli Prime Minister Benjamin Netanyahu was not to be trusted.

West Texas Intermediate,the U.S. benchmark fell $2.30 or 3.23% per barrel to settle at $68.94 on the New York Mercantile Exchange.

Brent crude,considered the global standard, dropped $2.16 or 2.87% to finish at $73.01 a barrel.

Whether it was the tumbling oil prices or the peace prospects, prices also skidded for Oklahoma energy stocks. Canoo dropped more than 6% and a 5% slide was recorded by ONEOK. Others fell 2% to 3% for the day.