WASHINGTON (dpa-AFX) - Oil prices fell slightly on Tuesday as investors closely followed developments in the Middle East and awaited the latest inventory data for direction.
Benchmark Brent crude futures slipped 0.3 percent to $89.86 a barrel, while WTI crude futures were down 0.4 percent at $85.03.
Analysts say that the oil price movement in the short term will largely depend on Israel's response to Iran's attack.
Market participants dialed back risk premiums after Iran's drone and missile attack on Israel did not cause any big damage.
Israel is apparently weighing possible response actions to Iran's aggression, but it is not clear if a decision has been made.
Diplomatic options are also on the anvil as a military response to Iran could pull Israel's attention and resources away from Gaza.
Israel has urged 32 countries to impose sanctions against the IRGC and missile program.
If Israel strikes back, the response speed from Iran 'will be less than a few seconds,' said Ali Bagheri Kani, the deputy foreign minister of Iran for political affairs.
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