Gaza Ceasefire Agreement Halts the Oil Price Rally

Oil prices have stopped rallying as a ceasefire agreement between Israel and Hamas could lead to the end of the Houthi bombardments of the Red Sea, but prices are still set to end the week with a gain.The recent relentless oil price rally that saw Brent break $82 appears to have slowed, but backwardation continues to expand in both Dubai and Brent futures. A potential de-escalation between Israel and Hamas, leading to the Houthis ending their maritime warfare in the Red Sea, could bring flat prices lower from next week onwards, but this week…