Oil prices start to fall after Iran's missile strike on Israel - Reuters
Kyiv • UNN
Oil prices are falling as market participants reduced the risk premium after Iran's missile strike on Israel caused limited damage and no casualties, easing concerns about potential supply disruptions.
Oil prices fell during trading on Monday, April 15, as market participants reduced the risk premium after Iran's massive missile strike on Israel, UNN reports with reference to Reuters.
Details
Brent crude oil futures for June delivery fell 70 cents, or about 0.8%, to $89.75 per barrel. Also, West Texas Intermediate (WTI) futures for May delivery fell 74 cents, or about 0.9%, to $84.92.
The attack had been largely accounted for in the days leading up to it. In addition, the limited damage and the fact that no one was killed means that Israel's response is likely to be more measured
Addendum
It is noted that Iran currently produces more than 3 million barrels per day (bpd) of crude oil and is the fourth largest producer in the Organization of the Islamic Republic of Iran.
The publication added that so far the conflict between Israel and Hamas has not had a significant impact on oil supplies. At the same time, Iran's missile attack on Israel, for the first time in almost 30 years, has raised concerns about a broader regional conflict that will affect oil supplies through the Middle East.
Recall
Israeli Defense Forces (IDF) spokesman Peter Lerner said that the military has prepared a number of response options, including potential strikes, for the government's consideration after Iran's massive missile attack, and a decision should be made in the coming days.
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