Israel’s ‘limited’ attack on Iran brings relief, oil prices fall

Iran launched 200 ballistic missiles against Israel on October 1. Fears that Israel may attack Iran’s oil infrastructure in retaliation have caused oil prices to rise sharply.

However, Israel has attacked Iranian military bases. Therefore, oil prices have started to fall again. The Times of Israel reported this in a report on Monday (October 28).

The report said that oil prices in Asia are falling again. For now, oil suppliers are breathing a sigh of relief. Because Israel attacked Iranian military targets on Saturday. There was no damage to oil installations.

Oil prices have already started to fall. It has become clear that Israel will probably limit its retaliation to avoid a full-scale war.

Brent crude oil is considered an important benchmark in assessing oil prices internationally. Brent crude rose more than 1 percent to $74.40 per barrel. It has now fallen 4.02 percent to $72.99 per barrel.

And West Texas Intermediate crude has fallen 4.17 percent to $68.79 per barrel.

According to the US Energy Information Administration, Iran is the world’s seventh largest oil producer. It ranks third among OPEC members in oil production.

The US administration did not want Israel to attack Iran’s oil infrastructure. Because such an attack on the eve of the US election would increase oil prices. It could affect the US vote. In addition, the Gulf countries had also told the US that Israel should not target oil infrastructure.