Brent Crude Oil Futures have fallen after a rally yesterday (November 19th) driven by investor fears surrounding the ongoing unrest in the Middle East.
Although the violence between Israel and Hamas does not directly affect the supply of the commodity, the region – which is the world's third-largest producer of the fuel – is fragile enough for the flow of supplies to be disrupted.
More than 100 people have now died both in Israel and on the Gaza Strip since last week and efforts to secure a ceasefire are underway and could be making progress after an Egyptian official involved in proceedings told the media of "encouraging signs" that an agreement would be reached.
Today Israel has put plans for a ground operation in Gaza on hold as the talks to secure a truce continue.
At 08:25 GMT, Brent Crude Oil Futures retreated by 0.4 per cent to a value of $111.30 per barrel.
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