Overview

• Brent settled near $65 and WTI near $62 after a modest decline, with prices little changed overall through Thursday.
• Israel and Hamas signed a U.S.-brokered truce in Sharm el-Sheikh, and Israel’s government later ratified the deal involving a partial Gaza withdrawal and a hostages-for-prisoners exchange.
• Analysts said the pact could reduce Red Sea shipping attacks and raise chances of renewed talks with Iran, while cautioning that prior ceasefire efforts have unraveled.
• OPEC+ approved a smaller-than-expected November production increase, and U.S. EIA data showed products supplied at the highest since December 2022, tempering oversupply fears.
• The U.S. Treasury sanctioned more than 50 people, entities and vessels tied to Iranian oil flows, as stalled Ukraine peace efforts reinforced expectations that Russian export sanctions will persist.