Oil Falls as Gaza Deal Eases Geopolitical Risk

Core Viewpoint - Oil prices declined following Israel's approval of a U.S.-brokered cease-fire and hostage release deal in Gaza, indicating a potential reduction in geopolitical tensions that could disrupt oil supply [1] Oil Market Impact - Analysts at ANZ Research noted that the cease-fire represents a significant step towards ending the two-year conflict, which had previously heightened the risk of supply disruptions in the oil market [1] - Brent crude and WTI prices both fell by 0.5%, settling at $64.88 and $60.76 per barrel, respectively, after a 1.6% decrease in the previous trading session [1]