Oil prices fell in early Asian trading after Israeli strikes against military targets in Iran spared the country’s oil installations. The price of Brent fell by 4.05% to $72.97, while West Texas Intermediate dropped by 4.19% to $68.77. Israel’s strike easing fears of a full-scale conflict with Iran, and Iran downplaying the impact of the attack, have led to a potential ongoing deflation in oil’s risk premium. Prices could continue to decrease if tensions ease further, potentially reaching $60 a barrel as traders focus on the prospect of a supply glut in 2025.
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