Oil prices have fallen sharply since the beginning of the week, notes Carsten Fritsch, FX analyst at Commerzbank.
Brent oil price falls below $75
“The price of Brent oil fell below the $75 per barrel mark in the morning, after trading just below $79 on Friday. Yesterday, weak data from China initially led to selling pressure. The 4% price drop today is due to reports that Israel could spare Iran’s oil and nuclear facilities in the announced retaliation and instead attack military targets.”
“According to the Washington Post, Israeli Prime Minister Netanyahu told this to the US government. This would also significantly reduce the risk of supply disruptions. Some Gulf Arab states feared that, in the event of an Israeli attack on the facilities Iranian oil companies, Iranian-backed militias could respond by attacking oil facilities in neighboring countries.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
