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Oil sells off as traders calmly look beyond the bombs in the Middle East The price of oil plunged Monday after Iran retaliated against U.S. attacks on its nuclear sites by hitting an American air base. Under the leadership of President Donald Trump, the military bombed three nuclear sites early Sunday in Iran, joining Israel in its fight against Tehran gaining access to nuclear weapons. On Monday, Iran launched missile strikes on a U.S. air base in Qatar, which traders saw as a sign the country did not plan to retaliate with something far greater — cutting off the flow of oil by striking crude shipments. “When the response comes and it is muted, oil drops,” Tom Kloza, chief market strategist at consultancy Turner Mason & Co, told The Associated Press. “This rivals some of the historic selloffs.” There's still plenty Iran could do to push prices back up, and the markets could be getting it all wrong. But oil analysts say there are plenty of reasons fear has receded. The price of West Texas Intermediate, the U.S. benchmark for crude oil, fell 7.2% to $68.51 percent per barrel on Monday after Iran announced a missile attack on Al Udeid Air Base in Qatar, which the U.S. military uses. Traders were relieved because Iran said it had matched the number of bombs dropped by the U.S. on Iranian nuclear
UCLA Forecast: Summer 2025 Economic Outlook |
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