Price movements
Brent and US West Texas Intermediate crude futures fell by more than 6 percent.
By 10:22 GMT, the price of crude oil reached Brent $71.11 per barrel.
The price of West Texas Intermediate crude fell $67.31 per barrel.
During the past week, the two benchmarks rose four percent last week in volatile trading, with the markets affected by uncertainty about the size of the response. Israel On the Iranian missile attack on October 1 and the US elections next month.
Dozens of Israeli warplanes carried out three waves of strikes before dawn on Saturday, targeting missile factories and other sites near Tehran and in the west. Iran.
Analysts reported a decline in the geopolitical risk premium that increased oil prices in anticipation of the Israeli attack.
“The limited nature of the strikes, including avoiding oil infrastructure, raised hopes for a de-escalation path, bringing the risk premium down a few dollars a barrel,” said Sol Cavonic, an energy analyst at MST Markey.
He added: “The market will be closely watching confirmation that Iran will not launch a counterattack in the coming weeks, which could lead to the risk premium rising again.”
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+In October, it kept its oil production policy unchanged, including a plan to start increasing production from December. The group’s joint ministerial committee will meet on December 1, ahead of the full OPEC+ meeting.
