Oil Prices Experience Significant Drop

On Tuesday, oil futures saw a decline of more than 1.5% following statements from 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.

Market Reactions

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

Israeli Official's Remarks

An Israeli official acknowledged improvements in the negotiations, though not significant, adding a layer of cautious optimism to the market's reaction.