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Oil prices fall after Israel refrains from attacking Iran’s refining facilities

27 October 2024
in Business
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Oil prices fall after Israel refrains from attacking Iran’s refining facilities
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Oil prices fell after Israel’s attack on Iran, with Brent crude futures dropping 5% to $71.99 a barrel before rebounding to $72.82 and West Texas Intermediate falling 4.4% to $68.63. Iran’s supreme leader signaled a measured response, easing fears of a full-blown war, while analysts suggest the focus is shifting towards oversupply risks in 2025 as Opec members plan production cuts. Despite tensions, the geopolitical risk premium in oil prices remains limited due to high spare capacity and minimal impact on regional oil supply.

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