Oil prices fall after Iran rained ballistic missiles on Israel
After Iran’s reprisal attack against Israel at the weekend, international oil prices on Monday fell by 1 per cent a barrel, as Brent crude traded lower than $90 per barrel, BBC has reported.
At the end of last week, the price of Brent crude touched $92.18 a barrel, the highest since October, but on Monday, it fell back to around $89.50.
This may be attributed to the interception of Iran’s over 300 missiles and drones launched in retaliation to Israel’s alleged attack on its consulate in Damascus, Syria, on April 1.
Although the interception of the drones eased fears of oil traffic through the Middle East being affected, especially shipping through the Strait of Hormuz, Israeli Defence Minister, Yoav Gallant, has insisted that his country’s conflict with Iran is “not over yet”.
With the Israel defence minister’s threat against Iran, one of the largest oil producers globally, markets are said to still be waiting to see if Israel will carry out its threat to escalate the conflict, which may disrupt global supply chains.
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