Market Reacts to Gaza Ceasefire Talks

Oil futures experienced a notable decline, with prices dropping by more than 1.5% on Tuesday. This movement followed statements by Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani, who indicated "some progress" in the ongoing negotiations for a ceasefire and prisoner exchange between Israel and Hamas.

Price Movements Highlighted

West Texas Intermediate (WTI) for June deliveries saw a decrease of 1.56%, trading at $61.06 per barrel at 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.

Israeli Official's Perspective

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