Prices have fallen but an escalation could spark a rise, with knock-on effects in a big election year
Investors are on high alert as they await Israel’s response to Iran’s attack. However, oil prices dropped on Monday even as Israel’s war cabinet met to discuss its response.
The price for future delivery of a barrel of Brent crude oil, the global benchmark, dropped to $89.64 on Monday, down by 0.9% on the closing price on Friday. The price of West Texas Intermediate, the North American benchmark, fell by 0.9% to $84.90.
