Oil prices fell sharply Monday after reports showed Iran wants to stop fighting Israel and talk about nuclear deals again. U.S. crude oil dropped $3.51 to $69.while global Brent crude fell $3.40 to $70.74 per barrel. Each barrel holds 42 gallons of oil. Tehran told Arab leaders it wants to return to nuclear talks if America stays out of Israel's air attacks. Iran also asked Saudi Arabia and other Arab countries to tell Trump about pushing Israel toward a ceasefire.
Oil prices had jumped to $77.49 per barrel overnight after Israel hit two gas plants inside Iran. Prices came down later because the conflict had not hurt global energy markets much. The Persian Gulf and Strait of Hormuz stayed open for shipping. Energy experts think oil prices will not go above $80 per barrel. The Trump team wants oil prices closer to $50 per barrel and hopes to keep the conflict small.
Israeli planes hit the South Pars gas field Saturday and struck two natural gas processing plants. The damage level was not announced for one of the world's biggest gas fields. Israel also attacked an oil storage site near Tehran. Iranian rockets damaged an oil refinery in Haifa. The fighting continued Monday with Israel claiming control of the skies over Iran.
Oil prices had jumped to $77.49 per barrel overnight after Israel hit two gas plants inside Iran. Prices came down later because the conflict had not hurt global energy markets much. The Persian Gulf and Strait of Hormuz stayed open for shipping. Energy experts think oil prices will not go above $80 per barrel. The Trump team wants oil prices closer to $50 per barrel and hopes to keep the conflict small.
Israeli planes hit the South Pars gas field Saturday and struck two natural gas processing plants. The damage level was not announced for one of the world's biggest gas fields. Israel also attacked an oil storage site near Tehran. Iranian rockets damaged an oil refinery in Haifa. The fighting continued Monday with Israel claiming control of the skies over Iran.
