Oil fell 5% after Iran relented on Israeli strikes

Prices fell Oil About 5% today, Monday, after avoiding the blow he dealt with Israel Over the weekend, Iran secured oil and nuclear facilities in Tehran and did not disrupt energy supplies, which eased geopolitical tensions in the Middle East.

Futures contracts for Brent crude and US West Texas Intermediate crude recorded their lowest levels since the first of last October at the open, and a barrel fell. Brent 5% to $72.24 at the time of writing this report, while a barrel of American oil fell 5.32% to $68.

Both benchmarks rose 4% last week in volatile trade, with markets affected by uncertainty over the size of Israel’s response to an Iranian missile attack on October 1 and the US elections next month.

Israeli strike

Dozens of Israeli warplanes carried out three waves of strikes before dawn last Saturday, targeting missile factories and other sites near Tehran and west of Tehran. IranIn the latest exchange of bombs in the growing conflict between the two countries.

Analysts reported a decline in the costs of geopolitical risks that increased oil prices in anticipation of an Israeli attack.

“The limited nature of the strikes, including the avoidance of oil infrastructure, raised hopes for a de-escalation path, bringing the risk price down a few dollars per barrel,” said MST energy analyst Markey, Saul Cavonic.

“The market will be watching closely for confirmation that Iran will not launch an attack in the coming weeks, which could cause risk costs to rise again,” he said.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as… OPEC plusThis October, it kept its oil production policy unchanged, including a plan to start increasing production starting next December.

The group’s joint ministerial committee will meet on December 1, ahead of the full OPEC Plus meeting.