WTI oil opens flat, reaching $81 per barrel, investors wait for Gaza ceasefire

he price of West Texas Intermediate (WTI) crude oil opened flat this Friday, at $81 per barrel, breaking the downward trend of recent sessions.

Futures contracts for WTI for delivery in May remained flat compared to the previous session’s close.

Investors are now turning their attention to the United Nations, as the United States will today present a resolution specifically calling for an “immediate ceasefire” in Gaza, after having opposed three resolutions from other countries making similar requests.

Additionally, U.S. Secretary of State Antony Blinken arrived in Israel today on an impromptu stop during his sixth tour of the Middle East since the beginning of the Gaza conflict, with the intention of pushing for a ceasefire agreement and the entry of more humanitarian aid into the enclave.

Yesterday, Blinken stated in Cairo that the United States continues to pressure the parties involved to achieve a ceasefire in Gaza in negotiations that will continue this week in Doha, an agreement he sees as “possible.”

The news from the Middle East is positive in terms of humanitarian aid, but negative for oil. If successful, it would eliminate one of the two main sources of geopolitical concern, leaving the war between Russia and Ukraine as the primary geopolitical influence on energy markets.

However, China and Russia seemed to be inclined to veto the resolution.

During the past week, Russia launched 49 retaliatory attacks against the Ukrainian Army for Ukrainian incursions into the border regions of Belgorod and Kursk, the Russian Ministry of Defense reported in its daily war update today.

Meanwhile, Ukraine is now receiving electricity from Romania, Slovakia, and Poland to maintain power supply following the massive Russian attack primarily targeting its energy system.