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Oil has fallen in price after Israeli strikes on Iran


October, 28 2024
watermark Economic news

On Monday, oil prices fell by more than 5% after Israel's retaliatory actions against Iran did not affect key oil and nuclear facilities. Trading on the oil market began with a sharp decline, and Brent futures fell 5.5% to $71.05 per barrel. WTI contracts also fell by almost 5.8%, trading around $67.20.


Last week, oil prices showed significant volatility, increasing by 4%. The growth was driven by expectations of a wide range of Israeli responses to the Iranian missile attack on October 1.


On Saturday, the Israeli Air Force launched three waves of strikes against military installations near Tehran and in western Iran. However, the absence of strikes on oil and nuclear facilities has led to a decrease in geopolitical tensions and, as a result, to a decrease in the «risk premium» embedded in oil prices.


Analysts note that the market will now focus on negotiations on a cease-fire between Israel and the Hamas group. Some financial institutions, such as Citi, are already revising their oil price forecasts, lowering target levels due to reduced geopolitical risk.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.