London: Global oil markets edged lower on Friday, as the fading risk premium following the Gaza ceasefire between Israel and Hamas tempered previous concerns about supply disruptions. Brent crude futures fell $1.73 (2.7%) to $63.49 a barrel, marking the lowest level since early June, while U.S. West Texas Intermediate (WTI) crude dipped $1.71 (2.8%) to $59.80, reaching lows not seen since May.

The recent Gaza ceasefire, which includes a partial Israeli withdrawal and the release of hostages held by Hamas, helped ease fears over the security of critical shipping lanes in the region, particularly the Suez Canal and the Red Sea. Analysts noted that these corridors are vital for the transport of crude and petroleum products, and any disruption previously heightened the risk premium in globa

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