Oil Prices Drop as Israel Reduces Troops in Southern Gaza

Oil prices saw a decline on Monday as tensions in the Middle East eased following reports that Israel had scaled back its ground forces in the southern part of the Gaza Strip.

This development comes after oil prices surged last week. On the NY Mercantile Exchange, May delivery WTI dropped 0.55% ($0.48) to $86.43/barrel.

Similarly, Brent crude for June delivery dropped by 0.87% ($0.79) to $90.38 a barrel on the Intercontinental Exchange.

Spartan Capital noted in a report, “Oil falls as Israel reduces ground troops in southern Gaza, though Hamas states the truce agreement remains at a deadlock.”

In recent developments, the United States has intensified its urging on Israeli Prime Minister Benjamin Netanyahu.

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They’re pushing him to halt his plans for a ground incursion in Rafah, located in the southern Gaza Strip.

Israel has also targeted other adversaries in recent days, including the Lebanese group Hezbollah, while talks for a potential truce in Gaza are underway.

Without significant geopolitical shifts, the contracts found room for some adjustment after recent gains.

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