Price of crude oil dropped by over 4 percent on Tuesday due to reports of potential sparing of Iranian oil targets by Israel, which eased concerns over supply disruption.
Gatekeepers News reports that Brent crude oil fell to $73.83 a barrel, while West Texas Intermediate (WTI) dropped to $70.20 a barrel.
This decline followed a 2 percent drop in prices on Monday.
The tension in the Middle East has been a cause for concern, but Israel’s reported willingness to strike military targets rather than oil or nuclear facilities in Iran has provided some relief.
These developments come in the wake of Iranian missile launches and OPEC’s decision to retain its oil output policy, including a plan to increase output in December.
Also, OPEC reported a decrease in Nigeria’s average daily crude oil production to 1.32 million barrels per day in September 2024.
