Overview

• Israel and Hamas signed a first‑phase ceasefire that Israel’s government ratified, including a partial Israeli withdrawal from Gaza and the release of hostages in exchange for prisoners.
• Brent hovered near $65 while WTI traded around $61, with WTI briefly dipping below $60 as the Middle East risk premium faded after the deal.
• OPEC+ approved a smaller‑than‑expected November increase of about 137,000 barrels per day, continuing a cautious unwinding of production cuts.
• The U.S. Treasury announced sanctions on dozens of individuals, entities and vessels accused of facilitating Iranian crude and LPG sales and shipments.
• U.S. petroleum products supplied rose to 21.99 million barrels per day, the highest since December 2022, signaling firm domestic fuel demand.