"Oil Prices React to Gaza Ceasefire Rumors and Middle East Developments"
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.