Oil Prices Stabilize Amid Gaza Ceasefire Talks and US Inventory Build

As ceasefire negotiations between Israel and Hamas continue without a breakthrough, a significant increase in U.S. crude inventories offsets concerns over Middle East supply disruptions.

• Oil prices held steady after two days of losses, balancing Middle East tensions with a U.S. crude stock build.
• Ceasefire talks in Gaza show no progress, with Hamas rejecting an Israeli proposal but considering further discussions.
• U.S. crude inventories rose more than expected, with a 3.03 million barrel increase last week.
• Geopolitical tensions heighten as Iran threatens to close the Strait of Hormuz, a crucial oil transit chokepoint.
• The U.S. Energy Information Administration forecasts Brent crude to average $88.55 a barrel in 2024, slightly up from previous estimates.

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