Oil prices declined on Friday, after settling around 1.6% lower in the previous session, as the market’s risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza.

Brent crude futures were down 66 cents, or 1%, at $64.56 a barrel at 1016 GMT. U.S. West Texas Intermediate crude was down 61 cents, or 1%, to $60.90.

“Finally having some kind of peace process in the Middle East is lowering the shoulders a little bit,” said Bjarne Schieldrop, chief commodities analyst at SEB. This could ease fears about crude carriers passing through the Suez Canal and the Red Sea, he said.

BOTH BENCHMARKS ON TRACK FOR WEEKLY GAINS

Israel and the Palestinian militant group Hamas signed a ceasefire agreement on Thursday in the first phase of U.S. President Donald Tr

See Full Page