Overview

• Brent and West Texas Intermediate each closed at $61.51 a barrel on Oct. 9, down roughly 1.6% on the day.
• Israel and Hamas signed the first phase of a ceasefire and hostage-release agreement after pressure from President Donald Trump, according to market reports.
• Analysts said the announcement removed part of the geopolitical risk premium, noting Israel’s limited role in global oil supply has historically kept disruptions at bay.
• Market commentary pointed to expectations that oil production will exceed demand in the coming months, reinforcing downward price pressure.
• Traders are watching for any halt to Houthi attacks that would reopen safer Red Sea and Suez routes, with some economists saying a stable peace could drive a deeper, more structural price decline.