Oil Ekes Out Gain After Iran’s Muted Response to Israel Strike
- Brent settles near $87 a barrel after earlier surge above $90
- Flurry of options trades signal urge to protect against spikes
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Oil eked out a meager gain after Iranian media appeared to downplay the effect of Israeli strikes, lowering the geopolitical risk premium for crude.
Global benchmark Brent earlier soared more than $3, popping above $90 a barrel, after the attack reignited concerns that a wider regional conflict could endanger oil supplies. Israel launched a strike on Iran, according to two US officials, but the Islamic Republic’s state media said the attack failed. The strikes followed last weekend’s unprecedented bombardment by Tehran.