"Oil Prices React to Middle East Tensions and U.S. Response Amid Truce Proposal"
Oil prices dipped as Hamas considers a truce in Gaza and the market awaits the U.S. response to an attack on its soldiers in the Middle East. President Biden and Defense Secretary Austin vowed to hold responsible parties accountable, while a former NATO commander anticipates targeted strikes against Iranian proxies in Iraq, Syria, and Yemen. Despite geopolitical tensions, the oil market's reaction has been subdued, with disruptions in the Red Sea deemed manageable and global supply and demand remaining balanced.