Pakistan, Oct. 9 -- SINGAPORE - Oil prices fell in early Asian trade on Thursday as Israel and Hamas agreed to the first phase of a plan to end the war in Gaza, reducing the geopolitical risk premium that had been supporting global oil markets. Brent crude futures dropped 51 cents (0.77%) to $65.74 per barrel, while U.S. West Texas Intermediate (WTI) fell 55 cents (0.88%) to $62.00 by 0002 GMT.

The decline came after U.S. President Donald Trump announced that Israel and Hamas had reached a long-sought ceasefire and hostage-release agreement under a broader plan aimed at ending the two-year-old war in the Palestinian enclave. Israeli Prime Minister Benjamin Netanyahu said he would convene the government on Thursday to approve the deal.

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