Post by : Rameen Ariff

In a major breakthrough, U.S. President Donald Trump announced that Israel and Hamas have reached an agreement for a ceasefire and hostage release, marking the first step toward ending the two-year-long war in Gaza. The historic deal aims to bring lasting peace to the Palestinian enclave, which has faced intense conflict and humanitarian crisis since 2023.

The announcement has already sent ripples through global markets. Oil prices fell sharply in early trading on Thursday, as investors reacted to the easing of geopolitical tensions in the Middle East. The conflict in Gaza had long been a key factor influencing global energy prices due to fears of a broader regional war.

According to market reports, Brent crude futures dropped by 51 cents (0.77%), settling at $65.74 a barrel, while U.S. West Texas Intermediate (WTI) crude declined by 55 cents (0.88%) to $62 a barrel by 0002 GMT. Analysts said the peace development has reduced the “war risk premium” that had kept oil prices elevated in recent months.

President Trump confirmed the agreement late Wednesday, describing it as a “long-sought deal” that would help bring stability to the region. He emphasized that both sides had agreed on the first phase of the peace plan, which includes the release of hostages and temporary cessation of hostilities in Gaza.

Following the announcement, Israeli Prime Minister Benjamin Netanyahu said he would convene his cabinet on Thursday to formally approve the ceasefire plan. “This is a step toward peace, but challenges remain,” Netanyahu stated, noting that the Israeli government would ensure national security while working toward the broader framework of the deal.

The prolonged war in Gaza has been one of the major factors supporting high oil prices over the past two years, as traders feared disruptions in the global energy supply if the conflict expanded to other parts of the Middle East. Thursday’s peace announcement has therefore provided relief to global markets, signaling a potential stabilization in oil demand and prices.

Meanwhile, data from the U.S. Energy Information Administration (EIA) showed a rise in petroleum consumption, with total products supplied increasing to 21.99 million barrels per day, the highest since December 2022. The report indicated a rebound in U.S. energy demand despite shifting global dynamics.

As the world watches the developments in Gaza, diplomatic efforts led by Washington are expected to continue in the coming weeks. Analysts believe that the success of this ceasefire could pave the way for a broader peace agreement in the region, while offering hope for economic and humanitarian recovery in Gaza.

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