Oil Pares Losses as Traders Await Israel’s Response to Iran
- Outlook hinges on whether Israel will retaliate, says JPMorgan
- WTI settled near $85 a barrel after falling as much as 2%
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Oil retreated from session lows as traders await Israel’s response to an unprecedented attack from Iran.
West Texas Intermediate closed above $85 a barrel, erasing earlier losses, on reports that Israeli officials are vowing to retaliate against Iran. Ahead of the strike on Israel this weekend, crude surged to a five-month high but fell as much as 2% after most of the 300 drones and missiles fired by Iran were intercepted.