Oil Prices Drop Dramatically After Israel's Limited Strikes on Iran

Oil prices dropped dramatically at the start of the week after Israel’s limited reaction to Iran’s missile attack convinced markets that a marked escalation in the conflict was unlikely. Iran’s Supreme Leader Ayatollah Ali Khamenei then helped to cool tensions on Sunday when he signaled there would not be any direct response to Israel’s strikes in Iran. The price of West Texas Intermediate tumbled from $71.78 on Friday to $68.01 early on Sunday morning before recovering slightly. Brent crude oil futures, meanwhile, fell…