Oil Drops Below $60 After Trump Downplays Iran Missile Attacks
- No U.S. casualties from Iran rocket attack on Iraqi airbases
- EIA reports surprise gain in crude stocks, large gasoline rise
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Oil sank the most in three months, erasing a rally that followed the U.S. killing of a top Iranian general, after President Donald Trump downplayed the impact of Iran’s attacks on American military bases in Iraq.
Futures in New York reversed an advance that saw prices rise almost 5% earlier when the Islamic Revolutionary Guard Corps claimed responsibility for the missile strikes in Iraq. The U.S. benchmark gave up all its gains for the year on news that no staff had been killed and as Trump said Iran appeared to be standing down. Futures declined further as total U.S. petroleum inventories jumped by almost 15 million barrels last week.