Addressing a joint press conference with the Israeli Prime Minister Benjamin Netanyahu (left) at White House on Monday, Trump said they were ‘beyond very close’ to an elusive peace deal for the Palestinian enclave.
| Photo Credit:
REUTERS/Jonathan Ernst
Crude oil futures fell on Tuesday morning as markets assessed the impact of the Gaza peace plan announced by the US.
At 9.55 am on Tuesday, December Brent oil futures were at $66.68, down by 0.61 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $63.08, down by 0.58 per cent. October crude oil futures were trading at ₹5,611 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹5,610, up by 0.02 per cent, and November futures were trading at ₹5,591 against the previous close of ₹5,593, down by 0.04 per cent.
On Monday, US President Donald Trump announced the support of Israel for a US-sponsored peace deal to end the war in Gaza.
Addressing a joint press conference with the Israeli Prime Minister Benjamin Netanyahu at White House on Monday, Trump said they were ‘beyond very close’ to an elusive peace deal for the Palestinian enclave. However, he warned Hamas that Israel would have full US support to take whatever action it deemed necessary, if the militants reject what US has offered.
The 20-point document released by White House sought an immediate ceasefire, an exchange of hostages held by Hamas for Palestinian prisoners held by Israel, a staged Israeli withdrawal from Gaza, Hamas disarmament and a transitional government led by an international body.
A peace deal between Israel and Hamas would help provide stability in the oil-rich West Asia region.
Meanwhile, crude oil prices came under pressure following the reports of a likely increase in production by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in November.
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices came under significant pressure on Monday, with ICE Brent falling more than 3 per cent over the day. This came amid reports that OPEC+ is considering increasing supply by a further 137,000 barrels a day in November.
“We should get confirmation on October 5, when the group is set to meet. Our balance sheet clearly suggests additional supply isn’t needed. We expect the market to move into a large surplus in the fourth quarter and remain in surplus through 2026. As a result, we expected oil prices to come under significant pressure over the course of next year,” they said.
October menthaoil futures were trading at ₹960 on MCX during the initial hour of trading on Tuesday against the previous close of ₹965.20, down by 0.54 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), October turmeric (farmer polished) contracts were trading at ₹12,246 in the initial hour of trading on Tuesday against the previous close of ₹12,418, down by 1.39 per cent.
October guargum futures were trading at ₹8,840 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹8,931, down by 1.02 per cent.
Published on September 30, 2025