Oil prices fall 1% amid Israel-Hamas peace talks

Prices of crude oil for front-month contracts decreased on Monday amid the ongoing Israeli-Hamas negotiations that could de-escalate the crisis in the Middle East by potentially securing a temporary ceasefire in the Gaza Strip and the release of hostages held by the militant group in the enclave.

European Union High Representative for Foreign Affairs and Security Policy Josep Borrell previously shared that several member states in the bloc plan to formally recognize Palestinian statehood by the end of May.

West Texas Intermediate (WTI) for June deliveries fell 1.28% to sell at $82.68 per barrel at 10:41 am ET. For the same month’s settlements, Brent declined 1.20% to trade at $88.28 a barrel.