Oil Futures Experience Significant Drop

On Tuesday, oil futures saw a decline of more than 1.5% following remarks by Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani about "some progress" in the latest Gaza ceasefire and prisoner exchange talks between Israel and Hamas. An Israeli official also noted minor improvements in the negotiations.

Market Reactions

West Texas Intermediate (WTI) for June deliveries fell by 1.56% to $61.06 per barrel, while Brent for the same month's settlements dropped by 1.73% to $64.72 per barrel at 4:56 am ET.