Global oil prices fell on Monday after the prospect of a ceasefire agreement between Israel and Hamas eased geopolitical tensions in the Middle East.
The international reference price of Brent oil was 86.08 dollars per barrel this morning after a 0.53 percent drop in price compared to the previous trading price.
The US benchmark West Texas Intermediate (WTI) traded at $82.57 a barrel after falling 0.71 percent.
An Israeli negotiating team will travel to Qatar on Monday to continue talks on a hostage exchange and ceasefire agreement in the Gaza Strip with Palestinian groups, Israeli daily Jediot Ahronot reported, citing diplomatic sources. Another Israeli delegation will head to Cairo on Monday to take part in the talks.
For months, efforts by the United States, Qatar and Egypt to broker a deal between Israel and the Palestinian group Hamas on a hostage exchange and cease-fire have been threatened by Netanyahu’s rejection of Hamas’s call for an end to hostilities.
The potential ceasefire deal eases concerns that the conflict will escalate and disrupt global oil supplies, AA writes.
