Brent crude price action defies the news of a ceasefire deal in Gaza

The price action across the oil markets has not exactly delivered what many might have thought it would, since the announcement of a peace deal in Gaza. This is well demonstrated by the price action in Brent crude since that news. Brent has risen and it settled $2.11 higher on the NYMEX exchange last night, at $82.03. It then pushed its way higher again, rising just above $82.50. It has traded off that high so far today, slipping back towards $82. The markets might not believe the peace in Gaza will hold and that could be a factor, but fighting is still ongoing until that comes into effect on January 19. There is no guarantee this deal will hold either. At the same time, the surge in US stocks has probably helped to lift the oil markets too. Brent for March delivery is currently trading at $82.28