Oil Prices Fall as Global Stocks Rise Amid Easing Tensions with Iran

AFP/APP

New York: Oil prices experienced a decline on Monday, and global stocks rose, following news that Israel’s recent strikes on Iran did not target the country’s energy infrastructure.

 Investors expressed relief that the strikes were more restrained than anticipated, easing concerns about a broader conflict.

Brent North Sea crude, the international benchmark, fell more than six percent to around $71 per barrel.

Analysts noted that the attack’s careful avoidance of energy sites helped calm fears of a full-scale conflict, prompting a shift in market focus to potential oversupply in 2025 and slowing demand from China, the world’s largest oil importer.

In the US, stocks saw gains, buoyed by lower oil prices and anticipation of key economic indicators and corporate earnings this week. Major stock indexes, including the Dow, S&P 500, and Nasdaq Composite, all closed higher.

Key market figures around 2040 GMT included:

Brent North Sea Crude: DOWN 6.1 percent at $71.42 per barrel

West Texas Intermediate: DOWN 6.1 percent at $67.38 per barrel

New York – Dow: UP 0.7 percent at 42,387.57 (close)

New York – S&P 500: UP 0.3 percent at 5,823.52 (close)

New York – Nasdaq Composite: UP 0.3 percent at 18,567.19 (close)