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.

Refueling a vehicle at a gas station in Quezon, Philippines. (Illustrative photo: THX/VNA)

At 1:36 PM (Vietnam time), Brent crude oil prices fell 24 US cents (0.4%) to $64.98 per barrel. West Texas Intermediate (WTI) crude oil prices also fell 20 US cents (0.3%) to $61.31 per barrel.

Israel and the Hamas movement have officially signed a ceasefire agreement, marking the first phase of US President Donald Trump's peace initiative to end two years of conflict in Gaza. Compared to last week, the price of both types of oil has increased by about 0.7%, showing a recovery after a sharp decline.

ANZ analyst Daniel Hynes said the Gaza ceasefire was a significant step toward ending the two-year conflict – a factor that had increased the risk of oil supply disruptions. He noted that the agreement has shifted market attention back to the risk of oversupply amid the Organization of Petroleum Exporting Countries (OPEC) easing production cuts.

Investors are also concerned that a prolonged US government shutdown could slow US economic growth and drag down demand for oil 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