The price falls as concern over an escalation in the Middle East fades – 2024-04-24 16:34:35

Peloponnese Newsroom

The price of oil did fall on Friday, April 19, 2024, following initial concerns about escalating tensions in the Middle East.

After oil jumped more than $3 earlier, Brent futures were down 46 cents, or 0.5%, at $86.65 a barrel.

The most active U.S. crude contract was down 34 cents, or 0.4%, at $82.39.

The initial concern was sparked by the fact that the Israel launched an attack on Iranian soil but an Iranian official told Reuters that it was caused by air defense systems. State media reported that three drones were shot down over the central city of Isfahan.

According to newsit, the Tehran downplayed the incident and said it had no plans to retaliate, a response that appeared to be aimed at avoiding a region-wide war.

Investors are closely monitoring the possibility of an escalation of the crisis. The geopolitical risk premium in oil prices has fallen this week on the perception that any Israeli retaliation to its attack Iran will be moderated by international pressure.

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