Brent crude oil price data from financial news outlets or commodity exchanges

Oil Prices Fall 5% After Israel Spares Iran's Oil Facilities Under U.S. Pressure

Oct 27, 2024, 10:02 PM

Oil prices are expected to decline when trading resumes on Monday after Israel's recent airstrikes on Iran over the weekend avoided targeting Tehran's oil and nuclear infrastructure, analysts said. Brent crude oil futures fell about 5% at the open, dropping nearly $4 per barrel, as Israeli strikes, under White House pressure, spared Iran's oil facilities, allowing the country's oil operations to remain unaffected. Iranian state media reported that the country's oil industry activities were working normally. The restrained military action by Israel has eased concerns over potential disruptions in global oil supply from the OPEC member, leading to a decrease in oil futures prices, including WTI crude futures which dropped 4%.