Diplomatic Actions and Aid Deliveries Ease Oil Prices Amid Gaza Conflict

Oil prices fell over $1 as concerns about supply disruptions eased due to intensified diplomatic efforts to contain the conflict between Israel and Hamas. Aid convoys arrived in Gaza from Egypt, and there is relief that Israel is holding off on a planned ground incursion, opening up a window for diplomacy. The fear of a wider confrontation in the Middle East, the world's biggest oil-supplying region, had driven oil prices up last week. However, Israel bombarded Gaza and struck Lebanon in the latest developments, causing Asian shares to drift lower. The U.S. suspended sanctions on Venezuela to ease oil supply pressure, and world leaders are engaging in talks to find a solution to the conflict.