Oil Prices Climb as Gaza Ceasefire Hopes Fade

Optimism about a potential ceasefire between Israel and Hamas in Gaza has dissipated after Hamas rejected Israel's proposal, leading to a 1% increase in crude oil prices. Hamas stated its readiness to release all hostages on the condition that Israel ends the war and withdraws its troops from Gaza.

Israel's Stance and OPEC+ Production Decline

Israeli Prime Minister Benjamin Netanyahu has firmly stated that Israel will not "capitulate" to Hamas's demands. In related news, OPEC+ reported a 37,000 bpd decrease in production for March, totaling 41.02 million bpd, while OPEC adjusted its global oil demand growth forecast for 2025 downward.

Market Reaction

By early Tuesday, West Texas Intermediate (WTI) for June's settlements saw a 1.38% rise, selling at $63.27 per barrel, with Brent for June's deliveries increasing by 1.21% to $67.05 per barrel.