Oil prices remained relatively stable on Tuesday as hopes of a ceasefire in the ongoing conflict between Israel and Palestine in Gaza overshadowed concerns about potential disruptions to oil supply due to possible US military strikes in the Middle East.
The ceasefire talks, mediated by Egypt, brought some optimism to the market, as both sides expressed a willingness to cease hostilities. This development eased concerns about potential disruptions to the flow of oil from the region, given that the Middle East is a major global oil hub. While no formal agreement has been reached yet, the progress in negotiations has provided a semblance of stability in the market.
