0744 GMT – Oil prices rise in early trade as investors closely monitor the stability of the Israel-Iran cease-fire, with Brent crude gaining 1.7% to $67.30 a barrel and WTI up 1.8% to $65.48 a barrel. Traders are also focusing on negotiations between the U.S. and Iran, with President Trump’s Middle East envoy saying talks were “promising” and that Washington was hopeful for a long-term peace deal. However, both crude benchmarks are still down more than 10% as concerns over supply disruptions have largely dissipated and prospects of an oversupplied market suggest limited upside for prices. “The backdrop is not constructive for the oil price right now, which is another reason why geopolitics is only having a fleeting impact on commodity prices,” says XTB’s Kathleen Brooks. (giulia.petroni@wsj.com)