Brent Oil Prices Drop Below USD70
(MENAFN) The cost of Brent crude oil dropped Monday, dipping under the USD70 per barrel threshold for the first time since the outbreak of confrontations between Israel and Iran.
Iran responded on Monday after US airstrikes over the weekend targeted three of its nuclear facilities, causing no casualties but triggering an approximate 8.6 percent decline in oil prices as of 0900 GMT.
In retaliation for the US strikes, Iran launched a missile assault on Al Udeid Air Base in Qatar, the largest American military installation in the Middle East.
US President Donald Trump expressed gratitude on social media toward Iran for providing Washington with prior warning of the attack, emphasizing that this advance notice helped avoid any fatalities or injuries.
“Perhaps Iran can now proceed to peace and harmony in the region, and I will enthusiastically encourage Israel to do the same,” Trump stated.
At the time of this report, Brent crude was trading at USD69.40 per barrel, down 8.64 percent.
Earlier in June, prices hovered around USD65, while they peaked at USD77 during last week’s escalations.
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