Oil prices drop on Asian markets after Israel's strikes on Iran
Illustrative photo (getty images)
As Asian trading markets opened Monday morning, oil prices declined. Dealers sighed with relief upon learning that Israel's recent strike on Iran had not affected the country's oil facilities, according to The Times of Israel.
The North Sea Brent price for December delivery dropped by 4.02% to $72.99, while West Texas Intermediate fell by 4.17% to $68.79.
Oil prices have risen sharply since Iran's ballistic missile attack on Israel on October 1. However, they have already begun to fall after the peak on October 7, as it became clear that Israel would likely limit its repression and not attack Iranian energy facilities.
Large-scale shelling of Iran
On Saturday, the IDF launched an extensive strike on Iranian military sites in response to Iran’s large-scale shelling of Israel on October 1.
In particular, Israeli forces targeted facilities producing ballistic missiles and air defense systems. The IDF did not, however, strike Iran’s oil and gas infrastructure or nuclear facilities.
Media reported that Israel had damaged two of Iran's secret military bases.
Meanwhile, the International Energy Agency predicts a shift toward an era of lower global energy prices.
