By Erwin Seba and Anna Hirtenstein

HOUSTON — Brent and U.S. crude futures fell more than $2 a barrel, or over 3%, on Friday as confidence grew the Gaza peace agreement between Israel and Hamas was taking hold.

Brent crude futures were down $2.16, or 3.31%, at $63.06 a barrel at 10:37 a.m. CDT (1537 GMT), the lowest since early June.

U.S. West Texas Intermediate crude was down $2.15, or 3.45%, to $59.40, the lowest since early May.

“President Trump’s ceasefire announcement immediately took the premium out of the price of oil , not only because of Israel and Hamas but also the reduction of a risk that Iranian proxies would continue to attack oil vessels in the Red Sea and other places,” said Phil Flynn, senior analyst with the Price Futures Group.

Ceasefire

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