Following Iran’s weekend retaliatory attack against Israel, oil prices dropped in early Asian trading. On Monday morning, Brent crude, a primary international benchmark for oil prices, fell but was still trading near $90 per barrel.
Prices had already increased in anticipation of Iranian action, with Brent crude almost reaching a six-month high last week. According to Israeli Defense Minister Yoav Gallant, the conflict with Iran is “not over yet.”
Energy expert Vandana Hari stated, “Clearly, the oil market does not see the need to factor in any additional supply threat at this point.” Monday saw a decline in Asia-Pacific share markets as investors assessed the attack’s effects. Israel has not said it carried out the consulate strike, but is widely believed to have been behind it.
At the end of last week, the price of Brent crude touched $92.18 a barrel, the highest since October, before falling back to close at $90.45 on Friday.
The Shanghai Stock Exchange Composite in China was up more than 1%, while the Hang Seng in Hong Kong, the Nikkei 225 in Japan, and the Kospi in South Korea were all lower. Gold continued to rise in value, closing into all-time highs at almost $2,400 an ounce. Gold surged substantially ahead of this weekend and is frequently considered a safe investment in difficult times.
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