Markets move
Crude futures contracts registered Brent US West Texas Intermediate crude was at its lowest level since October 1 at the opening. By 0325 GMT, the price of Brent crude reached $72.66, down $3.39, or 4.5 percent per barrel. The price of West Texas Intermediate crude fell $3.28, or 4.6 percent, to $68.50 per barrel.
The two crude oil prices rose four percent last week in volatile trading as markets absorbed uncertainty about the size of Israel’s response to the Iranian missile attack on October 1 and the US elections next month.
Dozens of Israeli warplanes 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 of bombings in the escalating conflict between the two rival countries in the Middle East.
Analysts said the bonus Geopolitical risks That accumulated in prices Oil In anticipation of the Israeli attack, they retreated.
The limited nature of the strikes, including avoiding oil infrastructure, has raised hopes of finding a path to calm hostilities in the Middle East, especially if it becomes clear that Iran will not respond to the attack in the coming days, said Sol Cavonic, an energy analyst at MST Markey. .
He added, “But despite the fluctuations in news of the conflict in the Middle East, the general trend remains towards escalation and the possibility of starting another round of attacks, leading to higher oil prices, has never been higher.”
In October, the Organization of the Petroleum Exporting Countries and its allies, a group known as… OPEC+, its oil production policy remains unchanged, including a plan to start increasing production as of December. The group’s joint ministerial committee will meet on December 1, before a full OPEC+ meeting.
