Oil prices fall more than 1% as Secretary of State Blinken pushes for Gaza cease-fire

Crude oil futures fell by $1 on Monday as the U.S. Secretary of State made a renewed diplomatic push within the Middle East to safe a cease-fire in Gaza and head off an Israeli offensive in opposition to Rafah.

A profitable cease-fire settlement would seemingly additional ease the geopolitical danger premium factored into oil prices on fears that the conflict in Gaza might set off a broader battle within the Middle East that disrupts crude provides.

Here are as we speak’s power prices:

• West Texas Intermediate June contract: $82.70 a barrel, down $1.15, or 1.37%. Year up to now, U.S. oil has gained 15.5%.
• Brent June contract: $88.35 a barrel, down $1.15, or 1.28%. Year up to now, the worldwide benchmark has risen practically 14.6%.
• RBOB Gasoline May contract: $2.76 per gallon, down 0.31%. Year up to now, gasoline is up about 32%.
• Natural Gas May contract: $1.99 per thousand cubic toes, up 3.8%. Year up to now, gasoline is down about 20%.

Secretary of State Antony Blinken held talks with Arab leaders in Saudi Arabia on Monday. He will journey to Israel and Jordan on Tuesday.

Israel is ready for Hamas to reply to a cease-fire proposal during which 33 hostages can be launched in change for Palestinian prisoners, an Israeli official advised NBC News. A Hamas delegation is anticipated in Cairo on Monday to debate the cease-fire proposal.

“With little other fresh news, the possible cooling of the Gaza environment sees oil prices slip,” wrote John Evans, analyst with oil dealer PVM, in a word on Monday.

Evans stated heating oil and distillates are additionally weighing on crude oil prices as shares of the refined merchandise broaden and demand shrinks. Natural gasoline can be difficult the market, with Exxon and Chevron reporting a decline in earnings on Friday due partly to a collapse in prices amid a provide glut.