In recent developments during the European trading hours on Tuesday, West Texas Intermediate (WTI) crude oil witnessed a marginal recovery, ascending close to $86.30 per barrel. This uptick in prices comes on the heels of the unsuccessful ceasefire talks between Israel and Hamas, which took a turn for the worse on Monday in Egypt.

The anticipation of a ceasefire had previously interrupted a continuous rally in WTI prices, concluding its six-day ascent. Market optimism for a de-escalation of geopolitical tensions was dashed when Israeli Prime Minister Benjamin Netanyahu indicated plans for military action in the Gaza region, though without a definitive timeline. Concurrently, a high-ranking official from Hamas disclosed the group’s refusal of Israel’s ceasefire proposal during the negotiations in Cairo. The persisting strife heightens concerns over potential involvement from other regional nations, especially Iran—Hamas’s notable backer and OPEC’s third-largest oil producer. The speculation of Iran’s response to a recent attack on its consulate in Syria, attributed to Israel though not officially acknowledged, adds another layer of uncertainty to the oil markets.

In a separate but impactful development, Mexico’s national oil company, Pemex, announced a forthcoming reduction in crude exports by at least 330,000 barrels per day (bpd) starting May. This strategic cutback will touch upon Pemex’s international clientele across the US, Europe, and Asia, effectively reducing its supply by one-third. This decision is part of Pemex’s directive through PMI Comercio Internacional to limit exports of Maya, Isthmus, and Olmeca crude varieties this month, aiming to bolster domestic refinery demands as the country strides towards energy independence.

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