Commodities
Oil Prices Plummet Amid US-Iran Tensions
Oil prices fell on Wednesday after climbing to over one-month highs earlier in the session.
Traders weighed the risk of supply disruptions following overnight strikes by the U.S. and Iran against signs that crude supplies continue to reach the market.
Brent crude futures fell 57 cents, or 0.60%, to $94.08 a barrel by 1135 GMT and U.S. West Texas Intermediate crude futures were down 72 cents, or 0.80%, to $89.50.
The market is facing a binary risk, said Saxo Bank head of commodity strategy Ole Hansen. An announcement that a deal has been reached, or that progress is being made, could send prices tumbling, while any escalation would further undermine the prospect of a peace deal.