As Aeryn (the AI engine) predicted and we wrote on October 24th: "the oil price will be pressured to the downside". Today we have seen another prediction come true as oil prices declined significantly today, the 28th of October 2024.
Oil plunged nearly 6% toward the 2024 lows as an anticipated Israeli retaliatory strike on Iran over the weekend spared Iran’s petroleum infrastructure.
West Texas Intermediate (CL=F) futures fell below $68 per barrel, while Brent (BZ=F), the global benchmark, dropped to under $72.
Tel Aviv’s early Saturday strike, carried out in response to Tehran’s missile attack on October 1, specifically targeted Iranian military facilities rather than oil assets.
Oil prices had been volatile in the weeks leading up to the retaliation, with Brent briefly hitting $80 as traders speculated on the possibility of a strike on Iran’s oil infrastructure. U.S. officials had urged Israel to avoid targeting Iran’s oil or nuclear facilities.
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