Oil prices fall as ceasefire proposal eases supply disruption fears

8/20/2024 9:13:59 AM

(MENAFN) Oil prices experienced a decline on Tuesday following Israel's acceptance of a proposal aimed at resolving the ongoing differences that have been delaying a ceasefire in Gaza. This development helped alleviate some of the market’s concerns about potential disruptions in oil supplies from the Middle East. Brent crude futures dropped by 12 cents, or 0.15 percent, to USD77.54 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for the front month, which expired on Tuesday, fell by 14 cents, or 0.2 percent, to USD74.23 per barrel. The second-month WTI contract also decreased by 15 cents, or 0.2 percent, to USD73.52.

This decline follows significant drops on Monday, with Brent crude falling by approximately 2.5 percent and WTI crude decreasing by about 3 percent. U.S. Secretary of State Antony Blinken revealed that Israeli Prime Minister Benjamin Netanyahu had agreed to a "rough proposal" from Washington aimed at bridging gaps in the ceasefire discussions and urged Hamas to accept the proposal as well. Despite this, the situation remains tense, with Hamas resuming suicide bombings inside Israel, including an explosion in Tel Aviv on Sunday night. Additionally, medics reported that Israeli military strikes resulted in the deaths of at least 30 Palestinians in the Gaza Strip yesterday, indicating that the conflict continues unabated and fears of its potential expansion persist.

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