Oil prices fall $2.48 with anticipation of ceasefire efforts in Gaza

Oil prices fell this evening, Friday, by more than two dollars with renewed hopes for reaching a ceasefire in the Gaza Strip, and the rise in the dollar also contributed to increasing pressure on prices. Upon settlement, the price of Brent crude fell $2.48, or 2.91%, to $82.85 per barrel. US West Texas Intermediate crude futures also fell $2.69, or 3.25%, to $80.13 per barrel. US Secretary of State Anthony Blinken said on Friday that the long-awaited ceasefire between Israel and the Palestinian Islamic Resistance Movement (Hamas) is on the horizon. Blinken explained, "I believe that we are within the ten-yard zone and heading towards the ultimate goal of an agreement that will result in a ceasefire and the return of the hostages to their homes and put us on a better path to trying to achieve lasting peace and stability." If a ceasefire is reached, the Iran-backed Houthis may ease their attacks on commercial ships in the Red Sea, as the group announced that it is launching attacks in support of the Palesti nians in the war in the Gaza Strip. The dollar rose after stronger-than-expected data on the labor market and manufacturing in the United States this week. The rise in the dollar leads to a decline in demand for oil denominated in the US currency by investors who hold other currencies. Today, Friday, a global technical glitch led to the disruption of work in many industries and sectors, as airlines suspended their flights, some media outlets stopped broadcasting live, and banking and health care services were damaged. Source: National Iraqi News Agency