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Oil shrugged off Iran’s unprecedented attack on Israel, with gains held in check by speculation that the conflict would remain contained as leading powers including the US urged restraint.
Global crude benchmark Brent crude initially rose just 0.7% to $91.05 a barrel in early trade, before trading flat. More than 300 missiles and drones were fired by Iran over the weekend, the first time it has struck Israel from its soil, though most were intercepted.The attack – which had been expected for days – came in retaliation for a strike in Syria that killed top Iranian military officers.
Oil has been among the strongest performers in commodities this year as OPEC+ keeps a tight rein on supply to drain inventories and support prices. The latest attack escalates tensions in a region that produces about a third of the world’s crude. The strike came as demand is ramping up. US refiners are preparing to boost fuel production for the summer, the season when consumption peaks.
Global crude benchmark Brent crude initially rose just 0.7% to $91.05 a barrel in early trade, before trading flat. More than 300 missiles and drones were fired by Iran over the weekend, the first time it has struck Israel from its soil, though most were intercepted.The attack – which had been expected for days – came in retaliation for a strike in Syria that killed top Iranian military officers.
Oil has been among the strongest performers in commodities this year as OPEC+ keeps a tight rein on supply to drain inventories and support prices. The latest attack escalates tensions in a region that produces about a third of the world’s crude. The strike came as demand is ramping up. US refiners are preparing to boost fuel production for the summer, the season when consumption peaks.
