Oil Futures See Significant Drop

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

Market Reaction

West Texas Intermediate (WTI) for June deliveries decreased by 1.56% to $61.06 per barrel, while Brent for the same month's settlements saw a 1.73% drop, settling at $64.72 per barrel. These changes were recorded at 4:56 am ET.

Israeli Official's Remarks

An Israeli official acknowledged improvements in the negotiations, though they were described as not significant. This development has been closely watched by markets, given the potential impact on oil supply and prices.