Islamabad, Oct 28: Oil prices are tumbling with the opening of trading in Asia as dealers breathe a sigh of relief that Israel’s Saturday strikes on military targets in Iran spared the country’s oil installations.
The price of North Sea Brent for delivery in December fell by 4.02 percent, to $72.99, while West Texas Intermediate plunges by 4.17% to $68.79.
Oil prices rose sharply following Iran’s October 1 ballistic missile attack on Israel, but they had already begun to fall after peaking on October 7 as it became clear Israel would likely restrict its reprisal to avoid sparking a wider conflagration.
In conclusion, Israel’s future actions toward Iran will have a significant impact on the likelihood of a decline in oil prices. Although any abrupt move could result in major changes, the cautious approach has so far kept the oil market stable.
Although there is some hope that prices would stabilize due to Israel’s cautious approach, the situation is still uncertain.
Should Israel decide to take the action against Iran, which is likely to happen soon, oil prices are likely to go up affecting the consumers and businesses. On the other hand, should Israel maintain a measured progress and tensions reduce then there are greater prospects that crude prices may decline, thus helping to ease problems on the international markets. While we watch these trends, there remain measured optimism about
