Us crude oil futures fell on Tuesday. Markets continue to focus on the uncertain progress of the war in Gaza and the pending ceasefire negotiations.
Deadline for publicationFireballpinballmachineWest Texas Intermediate (WTI) for June delivery fell 16 cents, or 0%, on the New York Mercantile Exchange.Fireballpinballmachine.2%, at $78.32 a barrel.
Brent crude for July delivery on InterContinental Exchange fell 18 cents, or 0.22%, to $83.16 a barrel.
After Hamas put forward its own acceptable cease-fire proposal on Monday, the Israeli war cabinet unanimously voted to reject the agreement and decided to continue its military operation in Rafah.
The Israeli Prime Minister's office subsequently issued a statement saying that although Hamas's proposal is a far cry from Israel's "core requirements," Israel will send a high-level delegation to Egypt to "maximize the possibility of reaching an acceptable agreement with Israel."
Since then, Israeli forces have occupied the Rafah crossing, sparking condemnation from Egypt, which has been mediating a cease-fire negotiation.
Oil prices have fluctuated in recent months under the influence of geopolitical risks in the Middle East, although there have been no major disruptions in crude oil supplies. Mike Wirth, Chevron chief executive, said oil prices remained within a relatively stable range, but there were still upside risks as the war approached the Strait of Hormuz. The Strait of Hormuz is the most important transit point for crude oil in the world.