Crude oil futures settle at $90.38.

Crude oil futures settled at $90.38. That’s down $-0.79 or -0.87%.

The high price for the day reached a $87.07. The low price was at $84.72.

Prices fell on hopes for decreased tensions in Israel. The US said that a new hostage release proposal was presented to Hamas. Later Hamas rejected the cease-fire proposal (which I guess is the same thing. The White House also said that Israelis assured them that there would be no major military operation in Rafah before meeting about it to exchange ideas.

However, there was a later report that Israel PM Netanyahu had said that a date has been set for a Rafah invasion in Gaza.

The White House then said that it had not been briefed on a date for Israel’s Rafah invasion.

Needless to say, the situation is still very fluid and that has an up-and-down influence on the price of crude oil.

This article was written by Greg Michalowski at www.forexlive.com.