Optimism regarding a ceasefire between Israel and Hamas had been building
Optimism regarding a ceasefire between Israel and Hamas had been building: Sevens Report Co-Editor, Tyler Richey, Quoted in Morningstar
Oil pares gains as Hamas reportedly accepts cease-fire plan, Israel warns of Rafah invasion
“Optimism regarding a ceasefire between Israel and Hamas had been building over the last week or so, and that was reflected in last week’s steep drop in oil futures price,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
The reason the oil market didn’t see more of a selloff Monday in the wake of the news that Hamas has accepted the cease-fire proposal is that “it was largely already priced in,” said Richey.
Also, “despite the progress in negotiations, military action is continuing on with reports of 50 Israeli air strikes in Rafah today alone -and that is keeping speculative shorts on their toes as we start the new week,” he said.
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