Oil tumbled as Israeli strikes on Iran over the weekend avoided the OPEC member’s oil facilities.
Brent crude plunged 5% to trade near $72 a barrel, with West Texas Intermediate below $68. More than 100 Israeli fighter planes struck military targets across Iran on Saturday, delivering on a vow to retaliate for a missile barrage launched at the start of the month. The attack was more restrained than many had expected, and Iranian state media said the country’s oil industry activities were working normally.
Brent crude plunged 5% to trade near $72 a barrel, with West Texas Intermediate below $68. More than 100 Israeli fighter planes struck military targets across Iran on Saturday, delivering on a vow to retaliate for a missile barrage launched at the start of the month. The attack was more restrained than many had expected, and Iranian state media said the country’s oil industry activities were working normally.
Crude prices have been buffeted by geopolitical risks in the Middle East and lackluster demand growth in China, with industrial profit data over the weekend highlighting the weak outlook in the biggest oil importer despite recent government stimulus. Meanwhile, OPEC plans to ease production curbs despite increasing supply from outside the cartel have fueled concerns there’ll be a glut next year.
- Brent for December settlement fell 4.9% to $72.34 a barrel at 6:10 a.m. in Singapore.
- WTI for December delivery declined 5% to $68.16 a barrel.
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