New York October 23 2023: Oil prices fell over 2% on Monday as diplomatic efforts in the Middle East intensified in an attempt to contain the conflict between Israel and Hamas, easing investor concerns about potential supply disruptions.
Brent crude futures were down $2.02, or 2.2%, at $90.14 a barrel as of 12:55 p.m. EDT (1655 GMT). U.S. West Texas Intermediate crude futures were down $2.19, or 2.5%, at $85.89 a barrel.
European Union leaders will call for a "humanitarian pause" in the conflict this week so that aid can reach Palestinians in Gaza, with the leaders of France and the Netherlands set to visit Israel this week.
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