Oil prices tumbled 6% on Monday, or more than $4 a barrel, after Saturday's retaliatory strike by Israel against Iran's military bypassed oil and nuclear facilities, not disrupting energy supplies.
Brent futures settled at $71.42 a barrel, down $4.63 or 6.09%. WTI U.S. crude futures finished at $67.38 a barrel, $4.40 or 6.13%.
Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open.
Last week, the benchmarks gained 4% in volatile trade on uncertainty over the looming U.S. election and the extent of Israel's expected response to the Iranian missile attack of Oct. 1.
On Saturday, scores of Israeli jets completed three waves of strikes before dawn against missile factories and other sites near Tehran and in western Iran, the latest exchange between the Middle Eastern rivals.
The attacks were more tailored toward military targets, easing fears that Israel might attack Iran's nuclear facilities or oil infrastructure.
The Organization of the Petroleum Exporting Countries and its allies in OPEC+ kept oil output policy unchanged last month, including a plan to start raising output from December. The group will meet on Dec. 1 ahead of a full meeting of OPEC+.
Source : Reuters
