• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Energy

Oil prices fall by nearly $5 after tepid Isreali attack on Iran 

Aghogho Udi by Aghogho Udi
October 28, 2024
in Energy, Sectors
Crude Oil prices
Share on FacebookShare on TwitterShare on Linkedin

Oil prices plunged by nearly $5 per barrel on Monday after Israel’s weekend retaliatory strike against Iran avoided targeting oil and nuclear facilities, leaving energy supplies unaffected.

Both Brent and U.S. West Texas Intermediate (WTI) crude futures dropped to their lowest levels since October 1 at the market’s opening.

As of 1302 GMT, Brent had fallen by $4.80, or 6.31%, to $71.25 per barrel, while WTI declined by $4.78, or 6.7%, to $67.00 per barrel.

RelatedStories

Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 

Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 

June 16, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Nigeria Oil at highest levels in 2025, boosted by Israel-Iran Battle      

June 16, 2025

The benchmarks had gained 4% last week amid volatile trading, driven by market uncertainty over the upcoming U.S. election and anticipation of Israel’s response to Iran’s missile strike on October 1.

Israel’s attack on Iran and response 

Dozens of Israeli jets carried out three waves of pre-dawn strikes on Saturday, targeting missile factories and other facilities near Tehran and in western Iran, marking the latest escalation between the two regional rivals.

The geopolitical risk premium that had previously driven up oil prices in anticipation of the attack eased following the operation.

  • Iran will “use all available tools” in response to Israel’s weekend attack on military targets, Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated on Monday. While Iran initially downplayed the impact of Saturday’s airstrikes, claiming only minor damage, U.S. President Joe Biden called for de-escalation amid fears of a broader conflict in the Middle East.
  • On Sunday, Iran’s Supreme Leader Ayatollah Ali Khamenei urged officials to carefully assess how to showcase Iran’s power to Israel, warning that the attack should “neither be downplayed nor exaggerated.”
  • The two nations, long-time adversaries, have engaged in retaliatory actions for months. Saturday’s strike followed an Iranian missile barrage on October 1, most of which Israel reported intercepting with its air defenses.

Iran also supports Hezbollah, currently involved in intense fighting with Israeli forces in Lebanon, and the Palestinian militant group Hamas, which continues to engage in conflict with Israel in the Gaza Strip.

Tensions in the Middle East  

Tensions between Iran and Israel have escalated rapidly since the October 7, 2023, attack on Israel by Iran-backed Hamas, heightening fears of a broader regional conflict that could involve global powers and threaten global energy supplies.

  • The situation has further intensified with worsening conflict in Lebanon, where Israel is conducting a vigorous campaign against Hezbollah, Iran’s key regional ally, to prevent rocket attacks on northern Israel.
  • The United States, which had urged Israel to avoid targeting sensitive Iranian energy and nuclear sites, joined other nations in calling for an end to the escalating confrontation. However, Israeli Prime Minister Benjamin Netanyahu stated on Saturday that the targets in Iran were selected based on Israel’s national interests, independent of U.S. directives.
  • President Joe Biden acknowledged that the strikes appeared to have focused solely on military targets and expressed hope that they would mark “the end” of the escalation.

Follow us for Breaking News and Market Intelligence.
Tags: Brent CrudeIsrael-Iran conflictoil pricesWTI
Aghogho Udi

Aghogho Udi

My name is Aghogho Udi, a writer, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader African context. My focus lies in shedding light on the intricate connections between macroeconomics and politics, offering valuable insights that foster comprehension of Africa's prevailing economic landscape and the world in general.

Related Posts

Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 
Business News

Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 

June 16, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Nigeria Oil at highest levels in 2025, boosted by Israel-Iran Battle      

June 16, 2025
Sterling Bank, Peerless, AfriGO, and NIBSS launch independence reward program for Nigerian service providers
Business News

FG seeks UN intervention amid Israel-Iran conflict escalation 

June 14, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Crude Oil rallies past the FG Benchmark after Israel’s missile attacks on Iran

June 13, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

BonnyLight sells marginally higher than Brent, new Nigerian blend hits market

June 9, 2025
How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In
Business News

How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In

May 10, 2025
Next Post
Kikelomo Atanda Owo Abati launches Third Book, Encounters: Governance, Policy, & Society featuring prominent Nigerian leaders 

Kikelomo Atanda Owo Abati launches Third Book, Encounters: Governance, Policy, & Society featuring prominent Nigerian leaders 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards
  • LemFi acquires fintech pillar to launch Credit Cards for immigrants
  • SystemSpecs: The giant powering Africa’s digital future 

Follow us on social media:

Recent News

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards

June 16, 2025
LemFi acquires fintech pillar to launch Credit Cards for immigrants

LemFi acquires fintech pillar to launch Credit Cards for immigrants

June 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics