Oil Prices Drop, Recover on Gaza War Ceasefire Proposal Rumors

Oil prices began tanking on Thursday afternoon as news was reported by Al Jazeera that Israel and Hamas had agreed to a ceasefire proposal that could put an end to the geopolitical premium that has buoyed oil in recent months. Al Jazeera deleted the Tweet a short while later, with oil prices reclaiming at least some of the losses. While traders may have gotten used to—and perhaps immune from—fear-based geopolitical events that merely threaten to raise the price of oil without creating actual supply problems, today’s drop in crude…