Overview

• Israel and Hamas signed a ceasefire that Israel’s cabinet ratified, setting terms for a partial Gaza withdrawal and hostage–prisoner exchanges.
• Brent hovered near $65 and WTI around $61 after a 1.6% slide the prior session, reflecting a reduced geopolitical premium.
• OPEC+ approved a smaller-than-expected November output increase, reinforcing expectations for rangebound trading despite supply growth.
• U.S. petroleum products supplied rose to 21.99 million barrels per day, the highest since December 2022, offering some demand support.
• Fresh U.S. sanctions targeting facilitators of Iranian oil sales and stalled Ukraine peace efforts signaled continued constraints on Russian and Iranian flows.