Tuesday saw a roughly 5% decline in U.S. crude futures after Israel assured the United States that it has no plans to attack Iran’s oil facilities, allaying concerns about a significant disruption in Middle Eastern supplies.
Israel intends to restrict its retaliatory attacks in Iran to military objectives and has no intentions to target the Islamic Republic’s nuclear or oil infrastructure.
Since Iran launched a ballistic missile attack against Israel earlier this month, oil prices have surged, stoking concerns that Israel’s response may trigger a cycle of greater escalation that affects the region’s petroleum supply.
Here are the energy costs as of 10:30 a.m. ET today:
November West Texas Intermediate contract: $70.15, down 4.98% or $3.68 per barrel. As of now, U.S. crude oil has dropped around 2%.
December Brent contract: $73.82 per barrel, a 4.7% decrease of $3.64. So far this year, the worldwide benchmark has dropped almost 4%.
November RBOB Gasoline contract: $2.0211/gallon, a 4.15% decrease.
Petrol prices have dropped by about 4% so far this year. November contract for natural gas: slightly higher at $2.497 per thousand cubic feet. Petrol has decreased by over 1% so far this year.
Source (CNBC)
