Oil prices were steady on Thursday after erasing earlier gains as investors remained cautious about the Iran-Israel ceasefire while also shifting focus to market fundamentals. Brent crude futures fell 11 cents,

Markets have priced in that the worst of the Iran-Israel conflict is behind us and there will be no oil supply shocks

Oil prices tumbled by 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict. Brent crude, the international benchmark for oil prices, fell below $67 a barrel by the end of the day, though it then recovered some ground in later trading.