After an Israeli attack over the weekend failed to destroy Iranian energy installations, oil prices fell about 6% on Monday.
Citi analysts are now discounting the likelihood of an escalation that would disrupt oil supplies.
At 7:54 a.m. ET, U.S. West Texas Intermediate futures fell 6.13% to $67.38 a barrel, while prices for the global crude benchmark Brent fell 5.83% to $71.62 per barrel.
After Tehran launched ballistic missiles against Israel on October 1, Israel launched an attack on Iran’s military installations in three provinces on Saturday.
The attack, which the state-owned Islamic Republic News Agency said killed four soldiers, caused “limited” damage.
The strike avoided areas with nuclear, oil, and civilian infrastructure. Iran’s oil industry is operating “underway normally” with no interruptions.
Source (CNBC)
