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Oil prices slip as Hamas proposes reported 45 day truce

News circulating around the markets a moment ago concerns the war in Gaza. The news reports concern the proposal of a 45 day truce to allow the release of Israeli hostages. There is surely more detail to follow on this, but the immediate reaction has seen a tentative move lower in oil prices. Earlier today the price of Brent crude for April delivery extended the gains seen yesterday, close to $79 per barrel. Brent had already settled $0.60 higher on the NYMEX exchange, at $78.59. The impact of this news has just seen the price fall back to around $78.40. However, there are many caveats to convey (not least any Israeli agreement to any plan) regarding this news and of course the oil markets will want to see if there is legs in this before making too much of a fresh downside move from here. Brent is currently trading at $78.45 
 

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