Oil prices post weekly loss as market sees limited risk of wider war after Israel strike on Iran

Oil futures ended the week with losses as traders perceive limited risk of Israel’s retaliatory strike on Iran escalating into a broader conflict that disrupts crude supplies.

Both U.S. crude oil and global benchmark Brent fell around 3% since last Friday, reversing gains made earlier amid fears of a potential Israel-Iran war.

Market sentiment shifted from fear to relief after Israel and its allies thwarted Iran’s recent drone and missile attack on Israel.

Israel’s response, launched after days of international pressure to avoid escalation, was described as limited and carefully calibrated, CNBC reported.

READ MORE: https://www.cnbc.com/2024/04/19/oil-prices-jump-3percent-on-reports-of-explosions-in-iran.html

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