Oil prices held steady above $66 a barrel on Thursday after reports of progress in Israel-Hamas peace talks eased geopolitical concerns in the Middle East.
President Donald Trump announced that Israel and Hamas had agreed to the first phase of a peace plan, including the release of hostages held in Gaza, marking a major breakthrough in U.S. and Qatari-mediated negotiations aimed at ending the two-year conflict.
Israeli Prime Minister Benjamin Netanyahu said he would convene the government to approve the ceasefire deal, while Trump indicated he may visit Israel soon.
On the supply side, U.S. crude inventories rose for the second consecutive week but remained near seasonal lows, according to Energy Information Administration data.
Stockpiles at the Cushing hub and refined product inventories declined, while total petroleum products supplied, a key measure of demand, reached 21.99 million barrels per day, the highest since December 2022.
Crude oil futures fell slightly to $66.07 per barrel, down 0.26% from the previous day. Over the past month, prices have declined 2.10% and are down 16.78% compared with the same period last year.
Market participants said the modest movement reflected a balance between easing geopolitical risk, which removed a price premium, and strong U.S. demand supporting crude.
