HOUSTON: Oil prices plunged by over $5 a barrel, or more than 6%, on Monday following Iran’s retaliatory strike on a US military base in Qatar in response to American airstrikes on its nuclear facilities over the weekend. Despite the escalation, Iran did not interfere with the flow of oil and gas tankers through the Strait of Hormuz.
By 2:13 p.m. ET (1813 GMT), Brent crude futures had dropped $4.90, or 6.3%, to $72.19 a barrel, while US West Texas Intermediate (WTI) crude fell $4.60, or 6.2%, to $69.23. Earlier in the day, Brent had surged nearly 6% to a five-month high after US President Donald Trump announced on Saturday that American forces had “obliterated” Iran’s key nuclear facilities in coordinated airstrikes alongside Israel, intensifying tensions in the Middle East.
In response, Iran—OPEC’s third-largest oil producer—declared that the US strikes had broadened the scope of legitimate targets for its military forces.
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