Oil slips nearly $4 a barrel after Israel shows restraint in strikes on Iran

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Oil slips nearly $4 a barrel after ******* shows restraint in strikes on Iran

By Florence Tan

SINGAPORE (Reuters) – Oil prices tumbled nearly $4 a barrel on Monday after *******’s retaliatory strike on Iran over the weekend bypassed Tehran’s oil and nuclear infrastructure and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.

Brent crude futures slumped $3.89, or 5.1%, to $72.16 a barrel by 2210 GMT, while U.S. West Texas Intermediate crude was at $68.02 a barrel, down $3.76, or 5.2%.

Both contracts gained 4% last week in volatile trade as markets priced in uncertainty around the extent of *******’s response to the Iranian missile ******* on Oct. 1 and the U.S. election next month.

Scores of ******** jets completed three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange in the escalating conflict between the Middle Eastern rivals.

The geopolitical risk premium that had built in oil prices in anticipation of *******’s retaliatory ******* came off, analysts said.

The more limited nature of the strikes, including avoiding oil infrastructure, has raised hopes for a de-escalatory pathway, Saul Kavonic, an energy analyst at MST Marquee, said.

(This story has been refiled to fix the time to 2210 GMT, not 2310 GMT, in paragraph 2)

(Reporting by Florence Tan; Editing by Lisa Shumaker)

This is the hidden content, please

• Sign In
• or
• Sign Up

#Oil #slips #barrel #******* #shows #restraint #strikes #Iran

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up