Oil Futures Decline as Ceasefire Talks Show Progress

On Monday, oil futures experienced a 1% decrease following Israeli Prime Minister Benjamin Netanyahu's announcement of progress in negotiations with Hamas regarding a ceasefire and hostage exchange. This development suggests that Gaza and parts of the Middle East might soon see at least a temporary peace.

The West Texas Intermediate (WTI) for February deliveries dropped by 1.05% at 12:07 pm ET, selling for $68.81 per barrel. Meanwhile, Brent for the same month's settlements fell by 1.10%, trading at $72.20 per barrel.