Oil Prices Lower After Attack On Israel

Oil prices fell in early Asian trade after Iran's reprisal attack on Israel over the weekend.

Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week.

Brent crude - a key benchmark for oil prices internationally - was lower but still trading close to $90 a barrel at the beginning of the week, Peter Hoskins and Nick Edser reported for BBC News.

Prices had already risen in expectation of action by Iran, with Brent crude nearing a six-month high last week. Israeli Defence Minister Yoav Gallant has said the confrontation with Iran is not “over yet."

"Clearly, the oil market does not see the need to factor in any additional supply threat at this point," energy analyst Vandana Hari said.

Brent crude may well fall below the $90 mark, but a sizable pullback is unlikely as traders remain focused on the risks associated with the conflicts in Gaza and Ukraine, she added.