Oil prices were down early on Monday morning despite Iran's retaliatory strike on Israel, largely because an attack was already priced in.
Crude oil prices began trade today with a decline following Iran ’s retaliatory strike on Israel that the latter said had only done limited damage. 'An attack was largely priced in the days leading up to it. Also, the limited damage and the fact that there was no loss of life means that maybe Israel 's response will be more measured,' ING’s Warren Patterson said, as quoted by Reuters.
ING’s Patterson and commodity strategist Ewa Manthey said in a note from earlier today that Iran had signaled the drone strike “concluded” the whole affair for it but it was not certain whether Israel saw things the same way. Naturally, this has heightened risks around oil supply from the Middle East, and especially Iran, which despite sanctions has boosted its output to some 3 million barrels daily and is currently the fourth-largest producer within OPEC.
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