"Oil Prices Dip as Diplomatic Efforts Ease Supply Concerns in Gaza Conflict"

Oil prices dropped over 2% as diplomatic efforts intensified in the Middle East to contain the conflict between Israel and Hamas, easing concerns about potential supply disruptions. European Union leaders are calling for a "humanitarian pause" in the conflict to allow aid to reach Palestinians in Gaza, while aid convoys have started arriving from Egypt. The release of two female civilian captives by Hamas in response to mediation efforts also contributed to the easing of supply concerns. Additionally, the suspension of sanctions on Venezuela by the US could potentially bring back Venezuelan crude exports to the market, although the impact on supply risks in the Middle East remains uncertain.