Reported 11 months ago
Oil prices plummeted at the week's start following Israeli strikes on Iranian military targets that did not impact oil facilities, suggesting a potential reduction in regional tensions. West Texas Intermediate dropped 6.1% to around $67 per barrel, marking the largest decline in over two years, while Brent crude fell to below $72. The attacks anticipated by the U.S. administration were more restrained than expected, further easing market fears of supply disruptions. Despite a recent uptick in prices after Iran's missile attack earlier in October, ongoing weak demand and expected oversupply have contributed to the current price drop.
Source: YAHOO