Oil dips as markets await Iran response
Oil prices edged lower on Tuesday, coming off their highest levels in months as the market calmed while the world braces for Iran’s response to the killing of its top military commander by the United States.
Brent crude fell 44 cents to $68.47 a barrel by 0200 GMT while U.S. West Texas Intermediate (WTI) crude was at $62.86 a barrel, down 41 cents.
Prices surged for the previous two sesssions on fears of escalating conflict and supply disruption in the Middle East after the Jan. 3 drone strike in Baghdad that killed Iran’s Qassem Soleimani. But some analysts have tempered expectations for a widespread conflict.
“Over the past three days, the scope for Iranian retaliation has shifted in two important ways,” consultancy Eurasia Group said in a note.
