Oil Prices Retreat After Recent Gains

In a surprising turn of events, crude oil prices experienced a decline of more than 1% this Thursday, effectively reversing the gains made just a day prior. This shift comes in the wake of the United States' recent sanctions against Russia, coupled with a setback in the ceasefire and hostage exchange negotiations between Israel and Hamas.

The delay in the Israeli cabinet's vote on the deal, now rescheduled for tomorrow, has added to the market's uncertainties. West Texas Intermediate (WTI) for February settlements saw a decrease of 1.99%, selling at $78.45 per barrel at 1:49 pm ET. Similarly, Brent for March deliveries fell by 1.17% to $81.06 per barrel at 1:52 pm ET.