Oil prices tumble after Israeli attacks spare Iran facilities

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.