US EditionAsian Shares Advance and Oil Prices Fall as Israel and Hamas Agree to Pause Fighting
The ceasefire reduces Middle East geopolitical risk, leading to a 1-2% drop in oil prices, while global demand rose to 105.9 million barrels per day, analysts said.
- On Thursday, Israel and Hamas reached an initial Gaza ceasefire, and oil prices declined as markets reacted to eased tensions.
- The Middle East holds more than half of the world’s oil reserves, and experts estimate the ceasefire could reduce the geopolitical risk premium by about 1–2% of Brent’s price as markets digest the plan.
- Before the drop, U.S. benchmark crude slid 44 cents to $62.11 and Brent fell 38 cents to $65.87 per barrel after Wednesday’s decline, which reached a one-week high earlier.
- Prime Minister Benjamin Netanyahu said the Israeli government will convene on Thursday to formally approve the ceasefire, while analysts say it could increase chances of a nuclear accord with Iran.
- Global demand data shows global oil demand averaged 105.9 million bpd in early October, while Rystad Energy said the ceasefire could reduce Houthi attacks disrupting Red Sea shipping.
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27 Articles
The US markets, on the other hand, are waiting for the quarterly results of the companies. ...
Associated Press News
Asian shares advance and oil prices fall as Israel and Hamas agree to pause fighting
Asian shares are mostly higher after US stocks hit records again following a brief stumble. Markets in mainland China gained more than 1% as they reopened following a weeklong holiday.
Oil Prices Steady As Gaza Ceasefire And Ukraine Stalemate Offset Each Other
Oil prices traded within a narrow range on Thursday as investors weighed the potential impact of a Gaza ceasefire against stalled peace efforts in Ukraine that could keep sanctions on Russia in place and limit global supply. Brent crude oil, against which Nigerian crude oil is priced, slipped 12 cents to $66.13 a barrel at […] The post Oil Prices Steady as Gaza Ceasefire and Ukraine Stalemate Offset Each Other appeared first on Investors King.
Oil prices dip as Israel-Hamas ceasefire deal eases war premium
Oil prices slipped in early trading on Thursday after Israel and Hamas agreed on the first phase of a ceasefire plan, raising hopes of an end to the conflict in Gaza and easing concerns about potential disruptions to global oil supply. The development reduced the war-related risk premium that had been supporting crude prices in recent weeks. By 0002 GMT, Brent crude futures fell 51 cents, or 0.77%, to $65.74 per barrel, while U.S. West Texas Int…
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