Oil prices eased about 1% in volatile trade on Thursday following reports that the U.S. and Israel are attempting to restart talks on a potential ceasefire in Gaza. “(The) energy complex continues to zig and zag as Middle East risk premium expands and contracts almost daily,” analysts at energy advisory firm Ritterbusch and Associates said in a note.
Brent crude futures dropped by 58 cents, or 0.8%, to settle at $74.38 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined by 58 cents, or 0.8%, ending the session at $70.19 per barrel.