Crude oil prices experienced a significant decline on Tuesday, falling more than 4% following reports that Israel was willing to avoid targeting Iranian oil facilities. This development eased concerns over potential supply disruptions in the oil market.
Brent crude dropped 4.65%, settling at $73.83 per barrel. West Texas Intermediate (WTI) fell 4.86%, reaching $70.20 per barrel.
This decline followed a previous drop of about 2% on Monday. Amid rising tensions in the Middle East, Israeli Prime Minister Benjamin Netanyahu reportedly indicated to the U.S. that Israel would focus on military targets rather than oil or nuclear facilities in Iran. This comes in the wake of Iranian missile launches on October 1, which Iran claims were in retaliation for Israeli actions in Lebanon and the assassination of its allies, including key figures in Hamas.