Oil prices tumble on report Hamas has accepted ceasefire proposal
Investing.com -- Oil prices fell in Monday afternoon trading on reports that Hamas approved a cease-fire proposal aimed at ending the conflict in Gaza.
The discussions were prompted by the escalating situation and Israel's threats to carry out an invasion of Rafah, the southernmost city in Gaza. The proposal seeks to bring a halt to the hostilities that have been unfolding in the region. As of yet, Israel has not publicly responded to the cease-fire proposal.
Expectations of unrest in the Middle East, and possible disruptions to crude supplies out of the region, subsequently remained a key source of support for oil prices.
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