{"id":204650,"date":"2025-10-11T07:31:15","date_gmt":"2025-10-11T07:31:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/204650\/"},"modified":"2025-10-11T07:31:15","modified_gmt":"2025-10-11T07:31:15","slug":"oil-drops-below-60-on-gaza-ceasefire","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/204650\/","title":{"rendered":"Oil Drops Below $60 on Gaza Ceasefire"},"content":{"rendered":"

WTI crude fell below $60 per barrel as easing Middle East tensions and weak China\u2013U.S. sentiment erased much of oil\u2019s geopolitical risk premium.<\/p>\n

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Friday, October 10, 2025<\/p>\n

The relatively successful implementation of the Israel-Gaza ceasefire deal has lowered geopolitical risk premiums in oil futures and sent front-month ICE Brent prices below $64 per barrel. The evident escalation in China-US tensions isn\u2019t adding any bullish momentum to crude either, with all signs pointing towards a 2026 impact on global trade if the current pace of sanctions and reciprocal levies doesn\u2019t ease.<\/p>\n

Silver Follows the Lead of Gold. Silver prices soared<\/a> to an all-time high of $49.55 per ounce, surpassing its previous 1980 record as safe-haven investors are increasingly turning towards the precious metal with further support coming from central bank purchases and robust renewable energy demand.\u00a0<\/p>\n

Fight for MEG Energy Enters Final Stage. Canada\u2019s leading oil producer Cenovus Energy (TSO:CVE) raised<\/a> its bid for peer oil sands producer MEG Energy (TSO:MEG) to $6.2 billion, declaring the 8% offer hike its \u2018best and final\u2019 offer as it seeks to fend off a rival takeover bid from Strathcona Resources.<\/p>\n

Related: Analysts Say China\u2019s Stockbuilding, OPEC+ Stability Providing Market Floor<\/a><\/p>\n

Brazil Adds New Oil Discovery. Brazil\u2019s state oil company Petrobras (NYSE:PBR) reported<\/a> a new offshore discovery in the country\u2019s pre-salt Campos Basin, striking oil in the Agua Marinha block in water depths exceeding 2,600 meters alongside project partners TotalEnergies, Petronas and QatarEnergy.\u00a0<\/p>\n

Mexico Grants Pemex Full Market Control. Mexico’s government has eliminated all rules intended to restrain Pemex’s activities in the country’s energy markets, including regulations to publish first-hand sales prices for transportation fuels and use standardized contracts for all domestic sales.\u00a0<\/p>\n

Trinidad Gets Exemption for Key Gas Field. The Trump administration granted<\/a> Trinidad and Tobago a 6-month sanctions waiver to resume developing its Dragon gas field, most of which is in Venezuelan territorial waters, with project operator Shell aiming to produce 0.35 BCf\/d by the end of 2026.<\/p>\n

Chevron Eyes Suriname Breakthrough. US oil major Chevron (NYSE:CVX) will start drilling<\/a> the Korikori-1 exploration well in Suriname’s shallow-water Block 5 by end-October, boosting the country’s portfolio of upcoming projects after TotalEnergies approved the $12 billion Gran Morgu project earlier this year.<\/p>\n

BP Lands a Punch on Venture Global. Shares of US LNG developer Venture Global (NYSE:VG) fell by 15% after the ICC Court of Arbitration found<\/a> that it had breached its obligations vis-\u00e0-vis UK oil major BP over its failure to deliver liquefied gas from the Calcasieu Pass project that started production in 2022.<\/p>\n

US Slaps New Sanctions on Iran. The US Treasury Department imposed<\/a> sanctions on more than 100 individuals and commercial entities over alleged purchases of Iranian crude and petroleum products, including the Shandong Jincheng teapot refinery and the Rizhao Shihua oil terminal.\u00a0<\/p>\n

Aramco Inserts Liquidity into Its Struggling Refiner. Saudi Aramco (TADAWUL:2222) bought<\/a> out Sumitomo’s 22.5% stake in the 400,000 b\/d Petrorabigh refinery for $702 million to aid the embattled refinery that last turned a full-year profit back in 2021 and has since generated a net $3.3 billion loss.<\/p>\n

Beijing Announces New Rare Earth Curbs. China’s Ministry of Commerce expanded<\/a> its list of rare earth export controls, adding five new elements (holmium, erbium, thulium, europium and ytterbium) to the previously restricted 12, as tensions rise ahead of the Trump-Xi summit later this month in South Korea.<\/p>\n

Soaring Port Fees to Redraw World Exports. In retaliation to the US’ port fees coming into effect October 14 after a six-month grace period, Chinese authorities have slapped<\/a> similar fees on US-built and operated vessels with a \u00a5400 per net tonne ($56\/mt) levy, lower than Trump’s $80\/tonne port fee.<\/p>\n

Saudi Crude Exports Feel the Price Crunch. Saudi Arabia’s crude exports to China are expected to decline by 300,000 b\/d month-over-month after Chinese buyers nominated only 40 MMbbls, even though Aramco kept the formula price of its Arab Light grade at $2.20 per barrel to Oman\/Dubai.<\/p>\n

In Palm Oil We Trust, Says Indonesia. Indonesia is preparing<\/a> to mandate a nationwide switch to its B50 biodiesel blending mandate in the second half of 2026, in a bid to completely eliminate diesel imports, currently trending around 45,000 b\/d, and have 50% of its middle distillate produced from palm oil.<\/p>\n

By Tom Kool for Oilprice.com<\/p>\n

More Top Reads From Oilprice.com:<\/p>\n

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