Oil prices fall with Middle East cease-fire hopes

ANKARA

Oil prices fell on Monday as the prospect of a cease-fire agreement between Israel and Hamas eased geopolitical tensions in the Middle East.

International benchmark Brent crude traded at $86.08 per barrel at 10.22 a.m. local time (0722GMT), a decrease of 0.53% from the closing price of $86.54 per barrel in the previous trading session.

The American benchmark West Texas Intermediate traded at $82.57 per barrel at the same time, a 0.71% fall from the previous session that closed at $83.16 per barrel.

An Israeli negotiating team will leave Monday for Qatar to continue talks on a hostage swap deal and cease-fire in the Gaza Strip with Palestinian factions, Israeli daily Yedioth Ahronoth reported, citing informed sources. Another Israeli delegation will head to Cairo on Monday to participate in the negotiations.

For months, efforts by the US, Qatar, and Egypt to mediate an agreement between Israel and the Palestinian group Hamas for a hostage exchange and cease-fire have been hampered by Israeli Prime Minister Netanyahu's rejection of Hamas's call to halt hostilities.

The potential cease-fire deal eases concerns about an escalation of the conflict and possible disruptions to global oil supply.

Investors are also assessing the potential impact of Hurricane Beryl on oil production in the Gulf of Mexico.

The largest ports in the US state of Texas closed operations due to the potential impact of the hurricane as it continues toward the Texas coast. Port closures could bring a temporary halt to oil shipments.