Oil prices retreat following Iran's missile attack
Iran's missile attack on US bases in Qatar caused a 5 percent drop in Brent crude oil prices. Having traded above 77 dollars during the day, oil prices retreated to 71 dollars by the evening.
US attacks on Iran's nuclear facilities had pushed oil prices to the 77 dollar level at the beginning of the week. Increasing geopolitical risks in the Middle East and the possibility of the Strait of Hormuz closing led prices to rise to 80 dollars for a short time.
While the Iranian Parliament's approval of the closure of the Strait of Hormuz created anxiety in the markets, US President Donald Trump stated in a post on the Truth Social platform that oil prices should be kept low. Trump said, "Everyone keep oil prices low. I am watching you all. You are playing into the enemy's hands. Don't do it!"
However, the missile attack carried out by Iran on US bases in Doha, the capital of Qatar, in the evening caused a change in direction in the markets. Following this development, Brent crude oil prices began to fall, trading at 71 dollars as of 20.45.
News Source: 12punto
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