Oil prices gradually decrease after Israel-Hamas ceasefire agreement

Oil prices fell in the afternoon trading session on October 10, continuing a 1.6% decline in the previous session, as political risks gradually decreased after Israel and Hamas reached the first phase of a plan to end the conflict in Gaza.

Pumping gas for vehicles at a gas station in Quezon, Philippines. Illustration photo: THX/TTXVN

At 1:36 p.m. (Vietnam time), Brent crude oil price decreased by 24 US cents (0.4%) to 64.98 USD/barrel. US light sweet crude oil price (WTI) also decreased by 20 US cents (0.3%) to 61.31 USD/barrel.

Israel and Hamas have signed a ceasefire agreement, marking the first stage of US President Donald Trump’s peace initiative to end two years of conflict in Gaza. Compared to last week, both oil prices rose about 0.7%, recovering from a sharp decline.

ANZ analyst Daniel Hynes said the Gaza ceasefire was a significant step toward ending the two-year conflict, which had raised the risk of disruptions to oil supplies. He said the deal had shifted the market’s attention back to the risk of oversupply as OPEC eased production cuts.

Investors are also concerned that a prolonged US government shutdown could slow US economic growth and reduce oil demand in the world's largest oil consumer.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-giam-dan-sau-thoa-thuan-ngung-ban-israel-hamas-20251010162613163.htm