Oil Prices Drop as Israel and Hamas Reach First Phase Agreement on Gaza Peace Plan

Oct 09, 2025 09:47 am CST

Oil markets responded with price declines on Thursday as Israel and Hamas agreed to the initial phase of a Gaza peace plan, reducing geopolitical risk premiums. Brent crude fell 0.77% to $65.74 while WTI dropped 0.88% to $62 as investors reassessed supply risks following the ceasefire announcement by U.S. President Donald Trump.