Oil prices plummet on the international market in light of the possible ceasefire in Gaza

Oil prices plummet on the international market in light of the possible ceasefire in Gaza
Oil prices plummet on the international market in light of the possible ceasefire in Gaza
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On Thursday, 1st, oil futures prices registered a drop of more than 2%, influenced by speculation about a possible ceasefire between Israel and Hamas in the Gaza strip.

This scenario joins other events in the Middle East region, including attacks on ships in the Red Sea and on North American bases, which have contributed to the rise in commodity prices in recent months.

Information about Hamas’ acceptance of an Israeli proposal to cease attacks in exchange for the release of hostages was released throughout the day.

However, these rumors were later denied by Qatar, acting as a mediator in the discussions.

The price of a barrel of Brent oil, a global reference, fell 2.5%, being quoted at US$78.70. At the same time, WTI, the United States benchmark, showed a reduction of 2.7%, closing at US$73.82 per barrel.

Saudi Aramco’s decision to suspend the expansion of its production capacity to 13 million barrels per day is seen as having limited impact due to Wood Mackenzieas Saudi production is expected to remain at around 9 million bpd, with a regulatory margin of 3 million bpd by OPEC.

In the United States, the response to Iran includes approving strikes in Iraq and Syria in retaliation for drone strikes by Iranian rebels.

There are concerns that such actions could escalate the conflict in the region and potentially lead to a direct confrontation with Iran.

Houthi rebels continue to attack cargo ships in the Red Sea, which directly impacts transport costs and influences the global market.

The article is in Portuguese

Tags: Oil prices plummet international market light ceasefire Gaza

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