Oil prices fell in early Thursday trading after an agreement was reached on the first phase of Trump’s plan to end the war in Gaza, which reduced the war-risk premium on oil and prompted investors to sell.
Brent crude futures declined by 51 cents, or 0.77 percent, to 65.74 dollars per barrel. U.S. West Texas Intermediate crude dropped 55 cents, or 0.88 percent, to 62 dollars per barrel.
U.S. President Donald Trump announced the long-awaited agreement for a ceasefire in Gaza and the release of hostages as part of a plan to end the two-year-long war in the Palestinian enclave.
