Crude Extends Losses on Report Israel Won’t Target Iranian Crude

From bnnbloomberg.ca

Oil extended losses after a report that Israel may avoid targeting Iran’s crude infrastructure eased concerns over tensions in the Middle East. West Texas Intermediate fell below $72 a barrel, after losing 2.3% on Monday, while Brent settled near $77. Israeli Prime Minister Benjamin Netanyahu told the Biden administration he is willing to strike military rather than oil or nuclear facilities in Iran, the Washington Post reported, citing two officials familiar with the matter. “The reaction by the market is likely taking off or tapering the geopolitical risk premium on oil for now,” said Rohan Reddy, head of ... (full story)