Brent Oil Price Drops Below USD70
(MENAFN) Brent crude oil prices dropped on Monday, slipping under the $70-per-barrel mark for the first time since the initial outbreak of hostilities between Israel and Iran.
Following the weekend’s US airstrikes on three Iranian nuclear facilities—which caused no casualties—Iran responded on Monday, triggering a sharp 8.6% decline in oil prices by 0900 GMT.
Iran’s counterattack involved launching missiles at Al Udeid Air Base in Qatar, known as the largest US military installation in the Middle East.
US President Donald Trump acknowledged Iran’s advance warning of the missile strike in a social media post, crediting this for preventing any casualties. He remarked, “Perhaps Iran can now proceed to peace and harmony in the region, and I will enthusiastically encourage Israel to do the same.”
At the time of reporting, Brent crude was trading at $69.40 per barrel, reflecting an 8.64% drop. Earlier this month, prices hovered around $65, while recent clashes had driven prices up to $77.
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