Progress in Gaza Talks Influences Oil Market

On Tuesday, oil futures experienced a notable decline, with prices dropping by more than 1.5%. This shift followed statements from Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani, who indicated "some progress" in the ongoing ceasefire and prisoner exchange discussions between Israel and Hamas. An Israeli official also acknowledged improvements, albeit minor, in the negotiations.

Market Reaction

The West Texas Intermediate (WTI) for June deliveries saw a decrease of 1.56%, trading at $61.06 per barrel by 4:56 am ET. Similarly, Brent crude for the same month's settlements fell by 1.73%, reaching $64.72 per barrel at the same time.