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Local Syrian sources: The village of Al-Thala in the western countryside of Sweida was subjected to mortar shelling, with explosions heard in the area.
Occupied Palestine: Very violent Israeli raids target Tal al-Zaatar in Jabalia, north of the Gaza Strip.
Occupied Palestine: 15 martyrs were recovered as a result of the ongoing Israeli raids on the city of Beit Lahia and the Jabalia camp in the northern Gaza Strip.
Al Mayadeen's correspondent in occupied Palestine: More than 300 martyrs and 500 wounded in three days of ongoing Israeli raids on the Gaza Strip.
Occupied Palestine: The occupation aims to ethnically cleanse the Sultan area near the Zikim settlement.
Occupied Palestine: The IOF is besieging a school housing displaced persons in the Al-Sultan area, north of the Gaza Strip.
Occupied Palestine: Dozens of martyrs and wounded, mostly children and women, in Israeli raids on the northern Gaza Strip.
Al Mayadeen's correspondent in occupied Palestine: The Israeli occupation is committing genocide in Beit Lahia, north of the Gaza Strip.
Occupied Palestine: The Indonesian hospital is filled with martyrs and wounded after the IOF bombed homes in northern Gaza.
Occupied Palestine: IOF aircraft targeted a tent on Al-Madrasa Street in the Al-Mashrou area, west of Khan Younis, in the southern Gaza Strip

Oil prices decline for third day as Gaza ceasefire continues to stall

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Aug 2024 23:46
2 Min Read

Since July, crude prices have seen a combined drop of about 10%, nearly erasing the gains made earlier in the year.

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  • Netherlands-flagged dredger Vox Maxima is seen anchored off the coast in Sentosa Island in Singapore, Sunday, June 16, 2024. (AP)
    Netherlands-flagged dredger Vox Maxima is anchored off the coast of Sentosa Island in Singapore, on Sunday, June 16, 2024. (AP)

Crude oil prices dropped for a third consecutive day on Tuesday amid stalling efforts to reach a ceasefire agreement in Gaza, which had previously fueled the 2024 oil rally due to heightened tensions in the Middle East.

After completing a visit in Egypt on Tuesday, US Secretary of State Antony Blinken was headed to Qatar in a bid to mediate a ceasefire talks.

But the negotiations faced complications following the discovery of six captives' bodies by Israeli forces, who died as a result of Israeli bombardment back in March. 

Initially, the war on Gaza had been a bullish factor for the oil market, with crude prices surging from January to March due to disruptions linked to the war, particularly in the oil-rich Middle East.

However, the situation began to change in late June as international diplomatic efforts aimed at securing a ceasefire in Gaza started to gain traction.

Read more: Crude oil prices face biggest weekly drop since April

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Since July, crude prices have seen a combined drop of about 10%, nearly erasing the gains made earlier in the year.

Market analysts suggest that this downward trend could continue, potentially driving prices into negative territory if a ceasefire is fully implemented.

Scott Shelton, a crude oil broker at ICAP in Durham, North Carolina, noted the potential for short-term rallies if ceasefire negotiations falter, but indicated that the broader trend is likely to see crude prices continue their decline.

"Oil's performance versus other commodities has been weak... This suggests that oil should continue to drop," Shelton told Sputnik.

On Tuesday, West Texas Intermediate (WTI) crude settled 0.4% lower at $74.04 per barrel, extending a 5% decline over the previous two sessions and hitting a two-week low of $72.56 earlier in the day.

Despite a rally earlier in the year, WTI is now only up about 2% year-to-date. Similarly, Brent crude ended the session down 0.6% at $77.20 per barrel, also reaching a two-week low and reducing its year-to-date gain to just 0.4%, down from a 20% increase earlier.

Read more: Oil prices jump after Ismail Haniyeh's martyrdom

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  • WTI
  • Brent crude oil
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