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Oil prices fell on Thursday after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza, easing geopolitical tension in the Middle East, while the U.S. dollar's strength weighed on commodities.

Brent crude futures were down 34 cents, or 0.51%, at $65.91 a barrel by 0413 GMT. U.S. West Texas Intermediate crude fell 38 cents, or 0.61%, to $62.17.

"WTI crude is trading on the weaker side of the pendulum today due to a reduction in geopolitical risk premium triggered by the Israel-Hamas peace deal," OANDA's senior market analyst Kelvin Wong said.

U.S. President Donald Trump said that Israel and Hamas had reached a long-sought deal for a Gaza ceasefire and hostage release under a plan for ending the two-year-o

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