"Oil Prices Drop as Middle East Tensions Ease and Demand Concerns Grow"
TL;DR
U.S. oil prices fell below $83 a barrel as fears of a major war in the Middle East eased following Israel's decision not to immediately retaliate against Iran after an air assault. Crude oil futures dropped for the fourth consecutive day, with traders unwinding the geopolitical risk premium built into prices over the past two weeks. International pressure on Israel and a 10 million barrel build in U.S. petroleum inventories also contributed to the decline in oil prices.
Topics:businessenergy-markets#energy-markets#geopolitical-risk#israel-iran-conflict#middle-east-tensions#oil-prices#us-petroleum-inventories
- U.S. oil falls below $83 as war fears ease after Israel refrains from immediate Iran counterattack CNBC
- Iran launches unprecedented retaliatory strikes on Israel in major escalation of widening conflict CNN
- Oil Moves Down on Crude Inventory Build OilPrice.com
- Market Reaction to Iran Attack Tells Us Stocks Aren't in a Bubble The Wall Street Journal
- Oil extends losses on easing Middle East tension, demand concerns Reuters
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