Oil futures fell on Wednesday from peaks hit in frenzied early trading after a rocket attack by Iran on American forces in Iraq raised the spectre of a spiralling Middle East conflict and disruption to crude flows.
Prices gave up most of their early gains as oil production facilities remain unaffected by attacks. Tweets by U.S. President Donald Trump and Iran’s foreign minister also appeared to signal a period of calm – for now.
Brent crude futures were down 49 cents, or 0.72%, at $67.78 by around 1254 GMT, after earlier rising to their highest since mid-September at $71.75.
