Oil tumbles nearly 2% as Middle East tensions ease

On Monday, oil prices experienced a decline of over $1 per barrel, as tensions in the Middle East subsided following Israel’s withdrawal of additional soldiers from southern Gaza and its pledge to engage in new discussions regarding a potential ceasefire in the ongoing six-month conflict.

Brent crude futures dropped by $1.70, or 1.9%, to reach $89.47 per barrel as of 0053 GMT.

Meanwhile, U.S. West Texas Intermediate crude stood at $85.29 per barrel, reflecting a decrease of $1.62, or 1.9%.

Israel and Hamas sent teams to Egypt for fresh talks on a potential ceasefire ahead of the Eid holidays, easing tensions in the Middle East that drove up oil prices by more than 4% last week on concerns of supply disruption, CNBC reported.

READ MORE: https://www.cnbc.com/2024/04/08/oil-tumbles-nearly-2percent-as-middle-east-tensions-ease.html

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