Progress in Gaza Talks Influences Oil Market

In a significant development affecting global oil markets, prices of oil futures saw a decline of more than 1.5% this Tuesday. This shift followed statements by Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani, who highlighted "some progress" in the ongoing ceasefire and prisoner exchange negotiations between Israel and Hamas.

Market Reaction to Diplomatic Developments

While the Qatari Prime Minister's remarks hinted at positive strides, an Israeli official tempered expectations by noting that any improvements were not substantial. Despite this, the market reacted promptly, with West Texas Intermediate (WTI) for June's deliveries dropping by 1.56% to $61.06 per barrel, and Brent for the same month's settlements falling by 1.73% to $64.72 per barrel at 4:56 am ET.