Oil prices fell on Monday (October 28, 2024) after Israel avoided attacking oil and nuclear facilities in Iran on Saturday (October 26, 2024). The value of Brent crude, the international benchmark, fell by 5.76%. On Saturday, the barrel cost US$ 76.14. This Monday (October 28), the price is US$71.27, according to Investing.
At the same time, Texas-produced West Texas Intermediate crude oil dropped 5.5% to $67.85 per barrel. CNBC reports that after Israel’s “limited” attack on Iran, which was deemed to not disrupt supplies, oil prices fell by more than 4%. Israel’s ‘limited’ missile strikes on Iran over the weekend caused oil prices to drop on Monday.
Following Iran’s supreme leader, Ayatollah Ali Khamenei, signaling a measured response to Israel’s attack on Sunday (Oct. 27) without directly threatening retaliation, the action was taken.
Iran initially tried to minimize the significance of the attacks in Tehran. According to the Financial Times, the nation was now highlighting support for a ceasefire in Gaza and Lebanon, a senior military general stated on Saturday (Oct. 25).
Under pressure from the US, Israel has refrained from attacking Iran with ballistic missiles. According to US President Joe Biden, Israel warned the White House just prior to the attack on Iran. Additionally, he expressed his hope that the Middle East conflict will “end” with this.
Israel seems to have struck only military targets. In Pennsylvania, Joe Biden told reporters, “I hope this is the end of the conflict,” CNN reports.
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