HOUSTON: Oil prices dipped for a second day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the war.

The talks in Cairo, also attended by the director of the U.S. Central Intelligence Agency William Burns, have so far failed to reach a breakthrough.

Hamas said an Israeli proposal on a ceasefire met none of the demands of Palestinian militant factions, but it would study the offer further and deliver its response to mediators.

Brent crude futures fell 91 cents, or 1 per cent, to $89.7 per barrel by 12:50pm ET (1650 GMT). US West Texas Intermediate (WTI) crude futures were down $1.12 cents or 1.3% at $85.29.

On Monday, Brent posted its first decline in five sessions and WTI its first in seven as a fresh round of Israel-Hamas ceasefire discussions in Cairo raised hopes of a breakthrough.

“Without an end to the conflict, there is an elevated risk that other countries, particularly Iran, Opec’s third-largest producer, could be drawn into the war,” said Fiona Cincotta, Senior Financial Market Analyst at City Index.

The commander of Iran’s Revolutionary Guard’s navy said it could close the Strait of Hormuz if deemed necessary. About a fifth of the volume of the world’s total oil consumption passes through the strait daily.

Turkiye announced it would restrict exports of various products, inclu­ding jet fuel, to Israel until there is a ceasefire. Israel said it would respond with its own curbs.

Published in Dawn, April 10th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Debt trap
Updated 30 May, 2024

Debt trap

The task before the government is to boost its tax-to-GDP ratio to the global average by taxing the economy’s untaxed and undertaxed sectors.
Foregone times
30 May, 2024

Foregone times

THE past, as they say, is a foreign country. It seems that the PML-N’s leadership has chosen to live there. Nawaz...
Margalla fires
30 May, 2024

Margalla fires

THE Margalla Hills — the sprawling 12,605-hectare national park — were once again engulfed in flames, with 15...
First steps
Updated 29 May, 2024

First steps

One hopes that this small change will pave the way for bigger things.
Rafah inferno
29 May, 2024

Rafah inferno

THE level of barbarity witnessed in Sunday’s Israeli air strike targeting a refugee camp in Rafah is shocking even...
On a whim
29 May, 2024

On a whim

THE sudden declaration of May 28 as a public holiday to observe Youm-i-Takbeer — the anniversary of Pakistan’s...