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Oil slumps 5% as Israel limits Iran strike to military targets

Bloomberg
Bloomberg • 2 min read
Oil slumps 5% as Israel limits Iran strike to military targets
Israeli fighter planes struck military targets across Iran on Saturday, delivering on a vow to retaliate for a missile barrage at the start of the month. Photo: Bloomberg
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Oil tumbled more than 5% in early Asian trading after Israeli strikes on Iran over the weekend avoided the OPEC member’s crude facilities.

Brent plunged to near US$73 ($96.59) a barrel and West Texas Intermediate sunk below US$69. Israeli fighter planes struck military targets across Iran on Saturday, delivering on a vow to retaliate for a missile barrage at the start of the month, though the attack was more restrained than many had expected.

The strike avoided oil, nuclear and civilian infrastructure sites, in line with a request from US President Joe Biden’s administration. Iranian state media said the country’s oil industry activities were working normally, and Tehran didn’t immediately vow to respond.

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