The oil market reacted to Israeli attack on Iran negatively and the events last weekend sent crude oil prices sharply lower. The Israeli launched its long-expected retaliation strike on Iran in the early Saturday hours last weekend, with a complex air assault involving over a dozen aircrafts. The attack came in three waves between 2am and 6am. According to open reports Israel hit over 20 locations with key targets involved, but without aiming at energy infrastructure. The news of the targeted attack not involving key oil and nuclear facilities sent oil prices plummeting at market open.
Though fundamentals have been weak, the concerns of an Israeli strike on Iranian oil facilities have added a significant risk premium in crude prices over the last couple of weeks. This risk premium is now shaved off, with traders monitoring the Middle Eastern situation closely.
The US presidential election is set to take place next week, with the two contestants still going toe-to-toe. The result of the election might not have an immediate, significant impact on oil price, but with Trumps «drill baby drill» philosophy with lower expected demand forecasts in 2026 this might add additional pressure on prices.
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