Oil prices fell sharply on Monday, with West Texas Intermediate (WTI) crude dropping 7.2% to settle at $68.50 per barrel, as markets reacted to Iran’s missile strike on a US airbase in Qatar.
The attack, launched in retaliation for US strikes on Iranian nuclear sites, caused no casualties and was largely intercepted by Qatari defenses, easing fears of a broader conflict.
Brent crude also declined 7.18% to $71.48, retreating from a four-month high as investors bet on de-escalation. Analysts noted that Iran’s calibrated response suggested a desire to avoid further confrontation, reducing the risk of supply disruptions in the Strait of Hormuz, a critical chokepoint for 20% of global oil flows.
Read More: French President Urges Calm After Iran Targets US Base in Qatar
