Oil prices have been on the backfoot in the current week, pulling back from gains in recent weeks thanks to easing geopolitical fears and seemingly never-ending demand concerns. On Monday, U.S. Secretary of State Antony Blinken announced that Israeli Prime Minister Benjamin Netanyahu had accepted a cease-fire proposal to stop the war in Gaza, but on Thursday, sources close to the White House reported that such a deal is once again out of reach as Hamas is unlikely to accept the Israeli terms, which include the occupation of the Philadelphi corridor,…
