Oil prices are down following Gaza ceasefire deal

Core Insights - Oil prices experienced a decline, settling approximately 1.6% lower in the previous session, as the market's risk premium diminished following an agreement between Israel and Hamas on the initial phase of a plan to end the conflict [1] Group 1 - The decline in oil prices indicates a shift in market sentiment as geopolitical tensions ease [1] - The agreement between Israel and Hamas is seen as a significant factor contributing to the reduction in risk premium in the oil market [1]