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Oil Prices Tumble As Iran Attack Avoids Crude Infrastructure

Oil prices fell sharply Monday afternoon following an Iran attack against U.S. military bases in Qatar and Iraq in what was seen as a symbolic move that did not disrupt the supply of Middle Eastern crude into the global market.

Prices tumbled below $70 a barrel, down more than $5 from the day before when the U.S. military action against Iran's nuclear facilities drove prices higher.

President Donald Trump, who had campaigned on lower energy costs, had taken to his Truth Social account earlier Monday to warn against higher oil prices amid the Middle East conflict, saying “I’M WATCHING!”

Iran said it fired the same number of bombs against the base — avoiding Qatar neighborhoods — as the U.S. dropped in a weekend bombing of three Iranian nuclear facilities. The move was interpreted as an attempt to ratchet down hostilities, and as fears that Iran would target the Strait of Hormuz and oil infrastructure in the region dissipated.

Markets had been waiting to see how the Iranian regime would react to the U.S. bombing of its nuclear facilities. Oil prices had risen $10 since early June as Israel and Iran had exchanged missile attacks, raising the possibility that Iran would close off the Strait Of Hormuz, a stretch of water key to 20 percent of global crude supply reaching market.

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Oil Prices Tumble As Iran Attack Avoids Crude Infrastructure

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