Crude oil prices plunged Monday on Israel’s decision not to attack Iran’s oil fields

The prospects that maybe, just maybe, there won’t be a wider Middle East war between Israel and its neighboring countries and territories of Lebanon, Gaza and Iran, sent crude oil prices plummeting more than $4 a barrel on Monday.

It translated into a 6% drop for prices when instead of launching attacks on Iran’s oil and nuclear facilities, Israel chose to blast missile and drone factories. Energy facilities escaped damage and supplies were not disrupted.

As a result, Brent crude, the global benchmark dropped $4.63 or 6.09% per barrel and settled at $71.42.

US benchmark West Texas Intermediate crude took a $4.40 or 6.13% beating per barrel and closed at $67.38 on the New York Mercantile Exchange.

For the two benchmarks, Reuters reported it was their lowest prices since Oct. 1.

If crude oil prices had a bad Monday day, so did Oklahoma energy stocks. Most suffered losses on the heels of the crude oil price plunge.