Oil Prices Plunge Over 5% as Israel's Strikes Spare Iran's Oil Facilities

Oct 27, 2024, 10:29 PM

Oil prices fell more than 5% after Israel's strikes on Iran over the weekend avoided Iran's oil facilities, easing concerns about potential disruptions to global oil supplies. Brent crude dropped to around $72.75 per barrel, while West Texas Intermediate (WTI) slid to approximately $68.52. In early Asian trading, oil prices fell by nearly $4 per barrel. Analysts noted that Israel's limited military action, which targeted Iranian military sites and spared oil infrastructure, alleviated fears of escalating tensions impacting the energy market. Harry Tchilinguirian of Onyx commented that the geopolitical risk premium is expected to deflate rapidly with Brent heading back towards $74 to $75 a barrel.