"Oil Prices React to Gaza Ceasefire Rumors and Middle East Developments"
TL;DR Summary
Oil prices initially dropped on rumors of a ceasefire proposal between Israel and Hamas, causing Brent crude to fall below $79 per barrel and WTI crude to drop to $74.37. However, prices recovered after Al Jazeera deleted the tweet, leaving the rumor unconfirmed. The drop in prices suggests the presence of a geopolitical risk premium, which quickly vanished as the situation remained uncertain.
- Oil Prices Drop, Recover on Gaza War Ceasefire Proposal Rumors OilPrice.com
- Latest Oil Market News and Analysis for Feb. 1 Bloomberg
- Oil prices fall as market monitors Middle East developments CNBC
- Oil prices nudge higher after first monthly gain since September MarketWatch
- Al Jazeera: Qatar says Isreael has agreed to a ceasefire proposal. ForexLive
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