Oil Prices Tumble as Tensions in the Middle East Cool

Crude oil prices began the week with a loss, after Israel’s retaliatory strike against Iran failed to inflict substantial enough damage, according to the Iranian side, thus reducing the risk of another flare-up in violence. “The more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, which has seen the risk premium come off a few dollars a barrel,” Saul Kavonic, energy analyst with MST Marquee, told Reuters. Indeed, Israel did not target oil infrastructure or nuclear…