Founding partner of the energy hedge fund Again Capital, John Kilduff, stated that the relative calm in the Middle East due to the Gaza ceasefire has reduced market risks.

Additionally, as uncertainty grew about a potential peace agreement between Russia and Ukraine, international crude oil prices fell on February 21.

West Texas Intermediate (WTI) crude for March delivery decreased by US$2.08 (2.87%), reaching US$70.40/barrel on the New York Mercantile Exchange. Brent crude for April delivery fell by US$2.05 (2.68%), settling at US$74.43/barrel.