Jul 8, 07:10 PM

Oil Prices Fall 1% as Gaza Ceasefire Talks Ease Supply Worries and Hurricane Beryl Hits

Oil prices have slipped to a one-week low due to easing supply worries from potential Israel-Hamas ceasefire talks in Gaza and the impact of Hurricane Beryl. The hurricane has shut down US refineries and ports along the Gulf of Mexico, which has contributed to the fluctuation in oil prices. Despite a four-week gain, the market reacted to the dual impact of geopolitical developments and natural disasters, leading to a 1% drop in oil prices. Shipping stocks have also been affected by these events, particularly as Hurricane Beryl makes landfall.

#Gaza #Hurricane Beryl #US #Gulf of Mexico

Written with ChatGPT (GPT-4o).