Oil prices tumbled on Monday by the most in three years as traders wagered that Iran’s attack on a US base in Qatar was a “de-escalatory” gesture that will stave off a more serious assault on energy infrastructure.
Brent crude, the international benchmark, finished Monday’s trading day down 7.2 per cent at $71.48 a barrel, the biggest fall since August 2022.
It marked a sharp turnaround from the start of the session, when Brent surged above $80 as traders responded to US strikes on Iran’s nuclear facilities at the weekend.
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