Global oil prices plunged Wednesday, totally reversing an earlier brief spike that followed Iranian missile attacks on US targets in Iraq amid hopes the conflict will not escalate further.
Comments by Iranian officials and US President Donald Trump eased tensions substantially and pushed crude prices lower and lower in late European trading.
The strikes, launched in retaliation for the assassination of Iran’s top general last Friday, sent Brent and WTI prices to multi-month peaks before profit-taking prevailed.
Iran said it had “concluded” its missile attacks for now, and observers remarked that they had seemed carefully calibrated to avoid US casualties.
