Oil prices fell by more than 1.5% after a ceasefire agreement was signed between Israel and Hamas, according to Reuters.

Brent and WTI crude oil prices have recorded significant declines, following the announcement of a ceasefire agreement in Gaza between Israel and Hamas. The agreement stipulates the cessation of hostilities and the release of Israeli hostages in exchange for Palestinian prisoners. Analyzing the impact, economists suggest that this agreement could influence energy markets, including by reducing attacks in the Red Sea. Additionally, political uncertainties in the U.S. and statements from the Federal Reserve have contributed to a decrease in demand and prices.