Oil prices faced a decline on Monday, driven by fading geopolitical risks as Israel and Hamas reportedly moved towards engaging in cease-fire discussions. The prospect of potential talks between Israel and Hamas in Cairo as early as Tuesday has influenced energy markets, leading to a drop in oil prices.

The New York Times disclosed the development highlighting a possible shift in the longstanding conflict in the region, impacting market sentiments. As international observers await further updates, the energy sector is closely monitoring the situation for potential market implications and risk assessments.