Oil Prices Stabilize Amid Gaza Ceasefire Talks and Supply Concerns

As negotiations for a Gaza ceasefire progress, oil prices show signs of stabilization despite ongoing supply disruptions and geopolitical tensions.

Oil prices remained largely stable on Tuesday, with Brent crude at $82.43 a barrel and West Texas Intermediate at $77.51, as investors assessed the impact of a potential Gaza ceasefire and supply disruptions.
U.S. President Biden announced that Israel agreed to halt military activities in Gaza for Ramadan, while Hamas reviewed a truce proposal including a ceasefire and prisoner-hostage exchange.
Shipping disruptions continue due to attacks by Iran-aligned Houthis, contributing to increased freight rates and extended shipping times.
Russian authorities announced a six-month ban on gasoline exports to address rising domestic demand and allow for refinery maintenance, potentially tightening global supply.
Analysts anticipate OPEC+ may extend voluntary production cuts to support oil prices, with a decision expected in March.