{"id":240575,"date":"2024-10-28T10:26:08","date_gmt":"2024-10-28T10:26:08","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/28\/oil-prices-drop-below-73-despite-attacks-on-iran\/"},"modified":"2024-10-28T10:26:08","modified_gmt":"2024-10-28T10:26:08","slug":"oil-prices-drop-below-73-despite-attacks-on-iran","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/28\/oil-prices-drop-below-73-despite-attacks-on-iran\/","title":{"rendered":"Oil prices drop below $73 despite attacks on Iran"},"content":{"rendered":"

<\/p>\n

\n

Oil prices slipped despite Israel\u2019s latest counterattack on an Iranian military facility that killed four. <\/p>\n

Oil prices opened Monday lower with Brent trading more than 4% lower, taking the market back below $73 per barrel, ING commodities strategists said in a note today.<\/p>\n

The crude oil prices dipped despite the fact that Israel finally responding over the weekend to Iran\u2019s recent missile attack.<\/p>\n

However, Israel\u2019s response appears to have been measured with only Iranian air defence and missile production facilities targeted, analysts said, noting that the concern for the market had been if Israel targeted Iran\u2019s energy or nuclear infrastructure.<\/p>\n

ING said the more targeted response from Israel leaves the door open for de-escalation and clearly the price action in oil this morning suggests the market is of the same view.<\/p>\n

\u201cWhile it is still unclear if or how Iran may retaliate, the government has downplayed the damage caused by Israel\u2019s response\u201d. The Iranian supreme leader has said that the attack should not be \u201cexaggerated or downplayed\u201d.<\/p>\n

\u201cClearly, if we do see some de-escalation it would allow fundamentals once again to dictate price direction. And with a surplus market over 2025, this would mean that oil prices are likely to remain under pressure\u201d, ING said.<\/p>\n

The oil rig count in the US decreased by 2 last week, oilfield Services Company Baker Hughes data showed Friday. <\/p>\n

The number of oil rigs, an indicator of short-term production in the country, fell to 480 for the week ending October 25.<\/p>\n

The number of US oil rigs fell by 24 compared to one year ago. The price of international benchmark Brent crude stood at $75.55 per barrel at Friday\u2019s trading close, while American benchmark West Texas Intermediate (WTI) was at $71.56 a barrel.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices slipped despite Israel\u2019s latest counterattack on an Iranian military facility that killed four. Oil prices opened Monday lower with Brent trading more than 4% lower, taking the market back below $73 per barrel, ING commodities strategists said in a note today. 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