The prices of oil futures decreased by 1% on Monday after Israeli Prime Minister Benjamin Netanyahu announced progress in the latest negotiations with Hamas about a ceasefire and hostage exchange, indicating Gaza and parts of the Middle East could soon witness at least a temporary peace.
West Texas Intermediate (WTI) for February’s deliveries declined by 1.05% at 12:07 pm ET to sell for $68.81 per barrel. Meanwhile, Brent for the same month’s settlements dropped by 1.10% to go for $72.20 per barrel.
Israeli Prime Minister Benjamin Netanyahu acknowledged on Monday a “certain advancement” in the country’s negotiations with Hamas about a new ceasefire and prisoner exchange. Speaking before the Knesset, Netanyahu admitted to not knowing how long the talks will last but insisted that “[w]e will continue to act in every way without respite until we bring everyone home from the enemy territory.” Furthermore, he highlighted the assassination of then-Hamas Political Bureau Yahya Sinwar as a catalyst for the improvement in the process. His comments came after the report a new agreement was “imminent,” but that then Netanyahu added new requirements to the deal proposal.