Crude oil prices slid over 4% on hopes for Hezbollah-Israel ceasefire
Adding to the bearish pressure, China’s top economic planner concluded a much-anticipated briefing on Tuesday without introducing new stimulus measures, triggering a risk-off response across global markets.
Crude oil prices experienced a significant decline of over 4% on Tuesday, driven by reports of a potential ceasefire between Hezbollah and Israel. This drop reflected market optimism that a de-escalation in regional conflict could ease supply concerns. However, the downward trend was partially offset by lingering apprehension about the broader geopolitical landscape, particularly the risk of an Israeli strike on Iranian oil infrastructure.
Brent crude dropped by $3.75, or 4.63%, settled at $77.18/barrel.
WTI closed at $73.57/barrel, decreased by $3.57 or 4.63%.
Adding to the bearish pressure, China’s top economic planner concluded a much-anticipated briefing on Tuesday without introducing new stimulus measures, triggering a risk-off response across global markets.
Written by: Muhammad Hafiz