Following a few days of negotiation, Hamas laid out a series of demands, which includes the exchange of hostages from both parties and rebuilding Gaza. In addition, the armed group demands for a full withdrawal of Israeli forces and an end to the war after 3 phases of 45-day truce.  

The group’s demand is in response to an Israeli-backed ceasefire proposal that is being mediated by Qatar and Egypt. Israel, however, turned down the cease-fire plan. Benjamin Netanyahu, the prime minister of Israel, promised to carry out their work for “as long as necessary.” 

The rejection came a day after US launched a series of retaliatory attacks following the death of three American soldiers in Jordan. US launched drone strike in Iraq’s capital, killing a commander of Iran-backed Hezbollah group. 

(US WTI Hourly Chart) 

Broadening conflict in the Middle East and ceasefire talks which garnered no progress pushed oil prices higher, rising more than 3% yesterday. Likewise, continued maintenance of US refineries, combined with the European diesel scarcity, has contributed to the positive sentiment, and driven up oil prices. 

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