Oil stocks fell on Tuesday, scrapping their gains following the U.S. Secretary of State Antony Blinken's statement calling for a ceasefire in the Middle East. This announcement increased uncertainty in the energy market.
As a result of the auctions, the price of oil fell, discarding the gains that had been fixed the previous day. Uncertainty continues on the fund platforms as investors evaluate the possible consequences for oil supplies from the region.
"We expect that oil prices may stabilize in the near term, as events in the Middle East have a significant impact on global energy markets," analysts commented.
"Whether there will be changes in oil exports from the region or not is still uncertain, and the market will monitor the development of events," they added.
