Brent crude dips below $70 amid Iran-Israel tensions

Anadolu Agency:
The price of Brent crude oil dropped below $70 per barrel on Monday for the first time since the latest round of hostilities between Iran and Israel began.

The decline came after Iran launched retaliatory attacks on Monday in response to US airstrikes over the weekend targeting three Iranian nuclear facilities. The strikes resulted in no casualties but triggered a sharp fall in oil prices, with Brent crude losing around 8.6% as of 0900 GMT.

In retaliation, Iran fired missiles at Al Udeid Air Base in Qatar, the largest American military installation in the Middle East.

US President Donald Trump, in a social media post, thanked Iran for providing advance notice of the attack, which he said helped avoid any casualties.
“Perhaps Iran can now move toward peace and harmony in the region, and I will strongly encourage Israel to do the same,” Trump added.

At the time of reporting, Brent crude was trading at $69.40 per barrel, down 8.64%. Prices were at $65 earlier this month and surged to $77 during the peak of clashes last week.