Oil prices fall after Iran attack
-Oil prices fell during trade on Monday, as market participants dialled back risk premiums following Iran's attack on Israel late on Saturday which the Israeli government said caused limited damage.
-Brent futures for June delivery fell 20 cents, or 0.2%, to $90.25 a barrel while West Texas Intermediate (WTI) futures for May delivery were down 33 cents, or 0.4%, at $85.33 a barrel by 0225 GMT.
-The attack involving more than 300 missiles and drones was the first on Israel from another country in more than three decades, raising concerns about a broader regional conflict affecting oil traffic through the Middle East.
-But the attack, which Iran called retaliation for an air strike on its Damascus consulate, caused only modest damage, with missiles shot down by Israel's Iron Dome defence system. Israel, which is at war with Iran-backed Hamas militants in Gaza, has neither confirmed nor denied it struck the consulate.
-An attack was largely priced in the days leading up to it. Also the limited damage and the fact that there was no loss of life means that maybe Israel's response will be more measured.
-As Iran currently produces over 3 million barrels per day (bpd) of crude oil as the fourth-largest producer within the Organization of the Petroleum Exporting Countries (OPEC), supply risk includes more strictly enforced oil sanctions and that Israel's response could include targeting Iran's energy infrastructure, ING said in a client note on Monday.
-Brent futures for June delivery fell 20 cents, or 0.2%, to $90.25 a barrel while West Texas Intermediate (WTI) futures for May delivery were down 33 cents, or 0.4%, at $85.33 a barrel by 0225 GMT.
-The attack involving more than 300 missiles and drones was the first on Israel from another country in more than three decades, raising concerns about a broader regional conflict affecting oil traffic through the Middle East.
-But the attack, which Iran called retaliation for an air strike on its Damascus consulate, caused only modest damage, with missiles shot down by Israel's Iron Dome defence system. Israel, which is at war with Iran-backed Hamas militants in Gaza, has neither confirmed nor denied it struck the consulate.
-An attack was largely priced in the days leading up to it. Also the limited damage and the fact that there was no loss of life means that maybe Israel's response will be more measured.
-As Iran currently produces over 3 million barrels per day (bpd) of crude oil as the fourth-largest producer within the Organization of the Petroleum Exporting Countries (OPEC), supply risk includes more strictly enforced oil sanctions and that Israel's response could include targeting Iran's energy infrastructure, ING said in a client note on Monday.
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