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Oil falls by more than 4% after Israeli attack spared Iranian oil facilities

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Oil falls by more than 4% after Israeli attack spared Iranian oil facilities

Oil prices fell more than 4% in early trading after Israel moved away from oil and nuclear facilities during its attack on Iran last weekend, signaling a more calibrated response.

Brent crude fell 4.6% to $72.18 per barrel, while WTI fell 4.9% to $68.27 per barrel. The retaliatory strike hit missile production and surface-to-air missile defense sites across Iran, allaying fears of supply disruptions in the region.

Meanwhile, Iran’s Supreme Leader Ayatollah Ali Khamenei has refrained from promising immediate retaliation. “Israel’s response appears to be measured against Iran’s air defense and missile production facilities,” ING analysts said in a note.

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