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Oil prices fall as Netanyahu signals pause in Iran strikes - YAHOO FINANCE
Crude oil prices fell on Friday morning after Israeli prime minister Benjamin Netanyahu said he would “hold off” further attacks on Iranian gas infrastructure.
Brent crude (BZ=F) futures eased 1.1% to $102 a barrel, while West Texas Intermediate (CL=F) fell 2.2% to $93.46at the time of writing.
Prices remain well below Thursday’s peak of $119, though still almost 50% higher than before the conflict began.
Netanyahu told reporters at a press conference that Israel “acted alone” in striking Iran’s South Pars gasfield this week. He added: “President Trump asked us to hold off on future attacks, and we’re holding out.”
Oil benchmarks gave up part of their war premium as political leaders signalled a need for restraint and de-escalation, according to Priyanka Sachdeva, senior market analyst at Phillip Nova. She said markets would remain sensitive to disruption risks around the Strait of Hormuz.
“The damage has been inflicted, and even if safe passage for tankers is somehow negotiated through Hormuz, reviving logistics fully fledged can take an awfully long time,” Sachdeva said.
