U.S. crude prices fall more than 4% as Israel is not expected to strike Iran’s oil industry
U.S. crude futures fell more than 4% on Tuesday, after Israel reportedly told the U.S. that it is not planning to strike Iran’s oil facilities, relieving fears that a major supply disruption in the Middle East is on the horizon.
U.S. crude futures fell more than 4% on Tuesday, after Israel reportedly told the U.S. that it is not planning to strike Iran’s oil facilities, relieving fears that a major supply disruption in the Middle East is on the horizon.
Israel plans to limit its retaliatory strikes in Iran to military targets and does not plan to hit the Islamic Republic’s oil industry or its nuclear facilities, three senior Biden administration officials told NBC News.
Oil prices spiked earlier this month after Iran launched a ballistic missile attack against Israel, raising fears that Israel’s response could lead to a cycle of further escalation that disrupts crude supplies in the region.
Geopolitical risk has completely evaporated from the market, Helima Croft, head of global commodity strategy at RBC Capital Markets told CNBC’s “The Exchange.”
West Texas Intermediate November contract: $70.58 per barrel, down $3.25, or 4.4%. Year to date, U.S. crude oil has fallen more than 1%.
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