Renewed ceasefire talks cap Brent's price rise
Oil prices declined today, following a joint statement from the US Secretary of State Antony Blinken and Qatari Prime Minister Mohammed bin Abdulrahman Al Thani on renewed efforts for a ceasefire deal in the Gaza Strip.
PHOTO: Flags of Iran and Israel. Getty Images
US and Israeli officials have restarted negotiations for a ceasefire and hostage release deal in Gaza, which is expected to end the conflict in the Middle East that started one year ago.
The talks started in Qatar’s capital city of Doha on Thursday, following the killing of Hamas chief Yahya Sinwar. “We had an opportunity today to talk about the way forward on the effort to bring the hostages home and to get a ceasefire,” Blinken said. This “involves an assessment of exactly where Hamas stands in the wake of the death of Sinwar,” he added.
This news has put some downward pressure on Brent’s price, according to market analysts. “[Oil] traders continued to pare back geopolitical risk premium amid Israel-Hamas ceasefire talks,” ANZ Bank’s senior commodity strategist Daniel Hynes said.
“Our objective is to stop the war in Gaza, stop the war in Lebanon, and to reach a comprehensive ceasefire in the region,” Qatari Prime Minister and Minister of Foreign Affairs Mohammed bin Abdulrahman Al Thani remarked.
Brent’s price has declined on “eased Middle East tensions with upcoming diplomatic talks,” analysts from Saxo Bank said.
By Aparupa Mazumder
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