Oil Prices Steady as Hamas and Israel Agree to Ceasefire
Global oil prices stabilized Friday after Israel and Hamas had agreed to a U.S.-brokered ceasefire which has been seen as the first step toward ending the Gaza war.
Oil prices witnessed a little changed in early Asian trade on Friday after losing over 1% in the previous session. The market’s war risk premium faded following the Israel–Hamas ceasefire.Stock Market Continues Bleeding, Loses over 1561 Points
Brent crude futures inched up 9 cents, or 0.1%, to $65.31 a barrel by 0044 GMT. U.S. West Texas Intermediate (WTI) crude gained 12 cents, or 0.2%, to $61.63.
The modest price reaction reflected investor relief after Israel and the Hamas reached a ceasefire agreement on Thursday. A deal has been termed as the first phase of U.S. President Donald Trump’s plan to end the prolonged war in Gaza.
Under the arrangement, approved by Israel’s government on Friday, both sides have reached understanding to halt fighting as Israel begins a partial withdrawal from Gaza.
In return, Hamas will release all remaining hostages that led to the conflict. Israel will free hundreds of Palestinian prisoners.
OPEC+ has been struggling to manage oil production levels since 2020 to stabilize prices amid fluctuating global demand. The group’s latest decision to slightly increase production has reflected a cautious approach as demand growth shows uneven recovery, particularly in Asia and Europe. However, analysts have warned the unwinding of cuts could soon tilt the market toward oversupply in case demand weakens further.
