Israel-Hamas reach ceasefire deal after 15 months of conflict

Israeli Prime Minister Benjamin Netanyahu’s war cabinet and the Iran-backed Hamas armed group have reached a deal for a ceasefire on the Gaza Strip.

PHOTO: Getty Images

The Israeli Defense Forces (IDF) and the Palestinian militant group have come to a six-week initial ceasefire deal. It will start with the gradual withdrawal of the Israeli army from the Gaza Strip, in exchange for Hamas releasing the Israeli civilians it took hostage on 7 October 2023, according to media reports.

The news has removed some risk appetite from the oil market and put downward pressure on Brent, as it eased concerns about the possibility of a full-scale war between Israel and Iran, one of the largest OPEC+ oil producers, according to market analysts.

A successful ceasefire deal has the potential to ease tensions in the oil-rich Middle East, where the conflict has fuelled unrest in Lebanon, Syria, Yemen, Iraq and the Israeli-occupied West Bank.

“Brent crude oil fell… after Qatar and Hamas said negotiations with Israel have reached their final stages,” ANZ Bank senior commodity strategist Daniel Hynes commented.

The ceasefire deal will take effect on Sunday, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said at a news conference in Doha.

"This deal will halt the fighting in Gaza, surge much-needed humanitarian assistance to Palestinian civilians, and reunite the hostages with their families after more than 15 months in captivity," outgoing US President Joe Biden remarked.

The deal comes after months of negotiations by mediators from the US, Egypt and Qatar, and just ahead of president-elect Donald Trump's transition into the Oval Office.

The agreement has been welcomed by officials from around the world, including leaders from the UK, Egypt, Turkey, Jordan, Germany, India and the UAE, among others.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online