After 471 days of conflict, a ceasefire was established in the #Gaza Strip. On Friday, Israel’s security cabinet approved the ceasefire agreement, paving the way for the return of the first hostages from Gaza. At 8:30 AM local time on Sunday, January 19 (30th of Dey), the first phase of the new ceasefire between Israel and Hamas in the Gaza Strip came into effect. The ceasefire, which was brokered under the supervision of #Egypt, #Qatar, and the #United_States, is initially set to last for six weeks. If all parties adhere to their commitments, it will proceed to the second and third phases.
In the #geopolitical sphere, maritime security officials anticipate that Yemen’s #Houthi militia will cease attacks on vessels in the #Red_Sea following a ceasefire agreement between Israel and Hamas.
Since November 2023, the Houthis have carried out more than 100 attacks on ships, causing significant disruptions to #global shipping and driving up insurance costs.
The expected cessation of hostilities may restore confidence in these vital maritime routes, potentially stabilizing #shipping operations and influencing global crude oil supply chains.
Traders are also analyzing fresh data from China, the world’s largest oil importer, which has fueled optimism for increased demand. China’s #economy grew more than anticipated in the fourth quarter of 2024, bringing the annual gross #domestic product (#GDP) growth to 5%, aligning with #Beijing’s target. Data released on Friday confirmed this trend.
Additional data revealed that industrial production exceeded expectations in December, supported by recent stimulus measures from Beijing that bolstered business activity.
Retail sales in December were also stronger than anticipated, showing a sharp acceleration compared to the growth recorded in the previous month.
The oil #market has received support from the decision by the US to impose new sanctions targeting Russian oil exports. The International #Energy Agency noted that these sanctions could disrupt Russia’s oil supply chains, potentially tightening the global oil market.
The sanctions focus on entities responsible for over a third of Russian and Iranian crude exports in 2024, aiming to limit their ability to transport and sell oil. This development has raised concerns about potential supply shortages, contributing to the upward pressure on oil prices.
The oil market has found support from the United States’ decision to impose new sanctions targeting Russian oil exports. The International Energy Agency (#IEA) highlighted that these sanctions could disrupt Russia’s oil supply chains, potentially tightening the global oil market.
The sanctions specifically target entities responsible for over a third of Russian and Iranian crude exports in 2024, aiming to curb their capacity to transport and sell oil.
This week’s data revealed a slowdown in inflation in the United States, the world’s largest economy, reinforcing expectations of potential interest rate cuts.
Meanwhile, the U.S. oil rig count, an indicator of future production, fell by two to 478 this week, energy services firm Baker Hughes said.
A blast of Arctic air is expected to cover much of the US, bringing temperatures below freezing starting Friday and continuing into next week. This cold front is likely to drive up heating oil demand and could impact some production operations.

Following the weekly increase in oil prices, #bitumen prices also rose in most global markets. The average export price of bitumen in the Mediterranean, Rotterdam, Baltic and Italy increased by approximately $18, reaching $430/t, $462/t, $447/t, $432/t respectively in the last week.
Export cargo prices in South Korea rose by $3, reaching $406/t. In Thailand,Taiwan and Bahrain, prices remained stable, while in Singapore, they decreased by $1.5 to $415/t. Iran’s bulk exported bitumen was also traded at $343/t.