The price of oil dropped by about 1% as the prospect of a ceasefire agreement in the Gaza Strip eased geopolitical tensions in the Middle East. Market participants also tried to determine how Hurricane Beryl would affect oil supplies to the United States. The elections in Britain, France and Iran, which took place last week, also remained in focus.
Talks over a U.S. ceasefire plan aimed at ending the nine-month-old war in Gaza are under way and being mediated by Qatar and Egypt.
Meanwhile, the ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for Hurricane Beryl. Experts said that the closure of ports could lead to a temporary halt in exports of crude oil and liquefied natural gas, oil supplies to refineries and supplies of motor fuel from these plants.
Last week, WTI oil prices rose by 2%, which was mainly driven by official data that showed that stocks of oil and petroleum products in the United States declined in the week ended June 28. Meanwhile, experts warn that another weekly decline in US oil reserves is possible amid the peak driving season.