The Israeli security cabinet on Tuesday voted to approve a ceasefire deal in Lebanon, an Israeli official told CNN, potentially bringing an end to more than a year of cross-border skirmishes with Hezbollah and months of 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%,

The cease-fire would officially be an agreement between Israel and Lebanon. It includes a Lebanese lawmaker who has been negotiating on Hezbollah’s behalf. But Hezbollah, a paramilitary faction and political party which is backed by Iran, is not officially a party to the agreement.