Oil Drops to Lowest in a Week as Israel Rethinks Ground Invasion
- Concerns about conflict spreading show signs of easing
- Russian oil exports rise to four-month high, loosening market
This article is for subscribers only.
Oil closed at the lowest in more than a week amid signs the crude market’s tightness has slackened and the Israel-Hamas war will remain contained for the time being.
West Texas Intermediate extended Monday’s drop, paring most of the gains made after Hamas’s attack on Israel on Oct. 7. Concerns about the conflict spreading more broadly have eased amid growing calls within Israel to rethink a ground invasion of Gaza. Looming large are fears about the fate of some 200 hostages held there, the danger of retaliation by Hezbollah and the risk of Israeli military casualties.