Oil Futures See Significant Drop

On Tuesday, oil futures experienced a notable decline, with prices falling by more than 1.5%. This shift followed comments from Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani, who indicated "some progress" in the ongoing ceasefire and prisoner exchange talks between Israel and Hamas.

Market Reactions

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

Israeli Official's Perspective

An Israeli official acknowledged improvements in the negotiations, though they were described as not significant, adding a layer of complexity to the market's reaction.