Israel's military launched airstrikes across Lebanon on Monday, unleashing explosions throughout the country and killing at least 31 while Israeli leaders appeared to be closing in on a negotiated ceasefire with the Hezbollah militant group.

Israel and Lebanon appear to be close to a ceasefire deal, with the Israeli cabinet set to meet on Tuesday to discuss it, Israeli officials say. A 60-day truce is being proposed to end fighting between Israel and the Iranian-backed Lebanese militia Hezbollah.

Oil prices slipped in early trade on Tuesday, extending declines from the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil's risk premium.