Oil prices dip as tension in Middle East eases amidst Gaza ceasefire talks

Oil prices on Tuesday dipped the lowest in the series of last two weeks fall in prices. This is said to be because of the ease in tension in the Middle East, after Israel accepted a proposal to solve issues affecting ceasefire in Gaza. "We expect a volatile session today as efforts toward an Israeli-Gaza ceasefire appear to be gaining enough traction to announce an official deal," analysts at energy advisory firm Ritterbusch and Associates said in a note, reported Reuters.

World leaders in different parts of the world have been making tireless effort to deescalate regional tension in the Middle East during the last fortnight. Entry of Iran in the Israel-Palestine war has increased the tension and the global community does not want a war that ahs the potential to involve many countries for the fear that the war bring about massive economic ramification.

Brian and Israel Prime Ministers too have on Tuesday agreed to de-escalate the situation. The U.S. administration, including Democratic nominee Kamala Harris has been asking Israel Prime Minister Benjamin Netanyahu to stop war in Gaza, though the U.S. today stands by Israel.