Oil prices fell for the fourth time in five sessions as traders closely monitored U.S.-led diplomatic efforts to secure a cease-fire in the ongoing conflict between Israel and Iran-backed Hamas in the Gaza Strip.
Brent crude oil prices edged towards $79 per barrel, while West Texas Intermediate (WTI) hovered near $76. Initial cautious optimism from Israel regarding a potential pause in hostilities, which could ease tensions in the oil-rich region, has been tempered by new disagreements.
The market is also awaiting Iran’s reaction to the recent killing of a Hamas leader in Tehran, adding to the geopolitical uncertainty. Meanwhile, traders remain focused on the economic outlook for China, which continues to influence global oil demand and market sentiment.
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