U.S. stocks also climb following Tehran’s restrained retaliation.
Crude oil prices plummeted by more than 7 percent on June 23 as investors were optimistic that Iran’s limited retaliation could lead to a de-escalation in the Middle East.
West Texas Intermediate (WTI), a U.S. benchmark for oil prices, cratered by about 7.3 percent to below $69 per barrel on the New York Mercantile Exchange. Brent, a global gauge for crude prices, also dipped by nearly 7 percent to below $71 per barrel on London’s ICE Futures exchange.
Oil prices are now trading at where they were before Israel’s June 13 strikes on Iran.
The price of natural gas also decreased by 4 percent, to $3.70 per million British thermal units.
Despite surging as much as 5 percent in overnight trading, oil prices fell sharply as the session progressed, driven by investors shrugging off concerns that Tehran could disrupt supplies.
In response to the U.S. attacks on three nuclear sites, Iran launched a missile strike on the Al-Udeid Air Base in Qatar. Local officials confirmed that Iran’s attacks did not lead to casualties.
Earlier in the day, U.S. President Donald Trump urged everyone to “keep oil prices down.”
“I’m watching you! You’re playing right into the hands of the enemy. Don’t do it!” he wrote in all-caps on Truth Social.
When a conflict forms, markets will typically have a “knee-jerk reaction,” Jay Woods, chief global strategist at Freedom Capital Markets, said in a note emailed to The Epoch Times.
“The President declared that this attack was strategic and aimed solely at the Iranian nuclear facility. He said now was the time for peace, but will Iran negotiate, or was this an overly ambitious goal of diplomacy coming from the U.S.?” Woods said.
Dow Jones Soars by 300 Points
U.S. stocks turned positive, with the leading benchmark averages climbing higher as the closing bell approached.
The blue-chip Dow Jones Industrial Average surged by about 300 points, or 0.7 percent. The broader S&P 500 advanced by close to 0.8 percent, while the tech-heavy Nasdaq Composite Index increased by around 0.8 percent.
By Andrew Moran
