Published On Oct 28, 2024, 10:08 AM
Oil prices fell sharply by over 6% following Israel's limited retaliation against Iran, targeting military facilities rather than oil or nuclear sites. This response eased geopolitical tensions that had previously inflated oil prices. Both Brent and West Texas Intermediate crude prices dropped, with analysts adjusting their price targets downward due to a decrease in geopolitical risk.
Negative
Given the recent decline in oil prices due to eased geopolitical tensions, it is likely that there could be a further downward pressure on oil stocks. However, the overall impact may be mitigated if OPEC continues to limit production which could stabilize prices in the longer term.
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