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Oil prices found stability on Friday, with Brent crude hovering above the $85 per barrel mark, buoyed by growing optimism about a potential ceasefire in Gaza.
Brent crude futures remained virtually unchanged at $85.76 per barrel, while US West Texas Intermediate crude futures edged up slightly to $81.08 per barrel by 1017 GMT.
The prospect of a ceasefire in Gaza has been gaining momentum, with US Secretary of State Anthony Blinken expressing confidence in talks held in Qatar to broker an agreement between Israel and Hamas.
The situation in Ukraine also influenced market sentiment, as Russia reportedly launched a significant missile and drone attack on the country’s energy infrastructure. This development has raised concerns about potential disruptions to global oil supply.
Meanwhile, in the United States, gasoline product supplies dropped below nine million barrels for the first time in three weeks, signaling a potential slowdown in crude oil demand.
The strengthening of the US dollar, driven by the Swiss National Bank’s unexpected interest rate cut, added further pressure on oil prices. A stronger dollar typically makes oil more expensive for buyers using other currencies.
Overall, while geopolitical tensions and supply concerns persist, the outlook for oil prices remains uncertain, with market participants closely monitoring developments in Gaza and Ukraine.
