Decoding Oil's Perplexing Reaction to Iran's Attack on Israel

Iran’s unprecedented missile and drone barrage into Israel has left the oil market unperturbed, even sending Brent crude back below $90 a barrel.

It may seem like a perplexing move because the flare-up over the weekend is usually the sort of thing that can drive prices higher. But the market is reacting with a calmness reminiscent of the aftermath of Hamas’s Oct. 7 attack on Israel, when oil prices remained largely unaffected.