Oil Plunges as Israel Limits Iran Strike to Military Targets
- Attack avoided crude, nuclear and civilian infrastructure
- Options markets point to collapse in geopolitical risk premium
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Oil plunged at the start of the week after Israeli strikes against targets in Iran avoided the OPEC member’s crude facilities, raising the prospect that hostilities in the region may ease.
West Texas Intermediate plummeted 6.1% to settle near $67 a barrel, the biggest one-day drop for the US benchmark in more than two years. Brent slid 6.1% to settle below $72 a barrel.