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flag Oil prices dropped as Israel and Hamas agreed to a ceasefire, easing Middle East conflict fears.

flag Oil prices fell on Thursday as Israel and Hamas agreed to a ceasefire and hostage release, easing fears of a broader Middle East conflict that had driven up energy costs. flag Brent crude dropped to $65.74, and U.S. West Texas Intermediate fell to $62, shedding a risk premium tied to regional instability. flag The deal, announced by President Trump and awaiting Israeli approval, reduced concerns over shipping and energy infrastructure. flag Despite a smaller-than-expected OPEC+ output increase and weak demand signals, U.S. oil consumption hit a 2022 high at 21.99 million barrels per day.

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