WTI drifts higher to near $89.00 amid Lebanon-Israel ceasefire strains

• WTI price gains momentum to near $89.00 in Friday’s Asian session. 

• Lebanon's army accused Israel of violating the ceasefire, hours after a 10-day truce between Israel and Hezbollah began. 

• Traders will closely monitor another round of US-Iran talks that could take place this weekend.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $89.00 during the Asian trading hours on Friday. The WTI price edges higher after reports that Lebanon's army accuses Israel of violating the ceasefire. 

US President Donald Trump said on Thursday that Israel and Lebanon had agreed to a 10-day ceasefire. The uncertainty in the Middle East remains high as the Lebanese army stated on Friday that it recorded multiple ceasefire violations by Israel after the truce went into effect at midnight local time on Friday.  Any signs of escalating tensions in the Middle East could boost the WTI price in the near term. 

Trump also said on Thursday that the US and Iran will probably meet over the weekend for a second round of negotiations. But a date has not been set officially for the talks. Earlier on Thursday, Trump expressed optimism about the possibility that the US and Iran could clinch a permanent ceasefire ahead of its expiration next week. 

Hopes for a two-week ceasefire extension could weigh on the WTI price. However, several European and Gulf Arab leaders believe it could take six months to negotiate a US-Iran deal, per Bloomberg.