Oil prices are receding on Friday, after about 1.6% dropped at the previous meeting, as market risk premium faded after the agreement between Israel and Hamas to start the first phase of a war end plan in Gaza.

Futures of the Brent Delivery Brent December fell 1.27%to $ 64.39 a barrel. The future fulfillment contracts of the West Texas Intermedia Delivery Delivery fell 1.28%to $ 60.72.

“The fact that there is finally a peace process in the Middle East relieves us a little,” said Bjarne Schieldrop, head of Seb’s freight analyst. This could mitigate the worries about the oil tankers passing through the Suez Canal and the Red Sea, he added.

Israel and Hamas signed a ceasefire agreement on Thursday as part of the first phase of US President Donald Trump’s initiative to end the Gaza war.

Many ships considered to serve Israeli interests have been attacked by Houthi, in an action that describe as solidarity with the Palestinians for the Gaza war, Reuters notes.

On a weekly basis, the Brent is rising about 1%, while the WTI remains relatively stable so far. Both reference indicators fell in a sharp fall last week.