Oil prices fell early on Monday morning after Israel moved some troops out of Gaza, boosting hopes of a ceasefire.
Oil prices retreated at the start of the week on signs that there is a possibility of a ceasefire between Hamas and Israel . Benchmarks began the week shedding some $1 per barrel, which pushed Brent crude below $90 and West Texas Intermediate below $86, after Israel moved some troops out of Gaza during the weekend.
Fundamental factors are also very much still in play, with one Mizuho Bank analyst telling Bloomberg that geopolitical developments have only served to highlight the tight supply situation in oil markets. “Oil’s upside volatility remains very much present, and that’s to a large part thanks to geopolitics amplifying supply shortfalls elsewhere,” Vishnu Varathan said.
Oil Prices Geopolitics Brent WTI Ceasefire Gaza Israel
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