Whether Iran is crying “Uncle” amidst the constant attacks by Israeli war jets, crude oil prices that first rose when the fighting started late last week, fell $1 a barrel on Monday.
One published report indicated that Iran stated it was ready to return to the negotiating table with the U.S. regarding nuclear weapons development. It sent prices falling on Monday and also eased concerns that crude supplies from the region would be disrupted by the war. It came a few days after prices rose 7% on Friday.
Israel’s energy production is also hurting as the country closed its largest oil refinery after an Iranian missile attack damaged a power plant supplying steam and electricity to the project. The attack killed three employees at the complex.
Iran requested help from Qatar, Saudi Arabia and Oman to pressure U.S. President Donald Trump to use his influence on Israel for an immediate ceasefire in return for Tehran’s flexibility in talks about its nuclear program, two Iranian and three regional sources told Reuters.
West Texas Intermediate crude in the states fell $1.21 or 1.66% and settled at $71.77 per barrel on the New York Mercantile Exchange.
Brent crude, the global standard, finished down $1 or 1.35% to close at $73.23 a barrel.
By a slim margin, a majority of Oklahoma energy stocks scored losses on Monday as oil prices also took a dive amidst the war between Iran and Israel.
Stardust Power plunged more than 28% for the day.