Crude oil futures dipped slightly on Monday (April 15) as investors breathed a sigh of relief after Israel withstood an aerial assault from Iran, and the US emphasized its desire to avoid a larger conflict in the Middle East.

At the close of trading on April 15, WTI crude oil contracts fell 25 cents (0.29%) to $85.41 per barrel. Brent crude contracts lost 35 cents (0.39%) to $90.10 per barrel.

Iran launched over 300 drones and missiles at military targets in Israel on April 13 in an attack described by President Joe Biden as 'unprecedented.' Biden stated on April 13 that the US had intervened to directly help Israel intercept nearly all of the incoming projectiles.

Despite its significant scale, Iran's attack caused very little actual damage in Israel. According to Israel Defense Forces spokesperson Daniel Hagari, the Negev Airbase in southern Israel sustained minor damage and a 10-year-old girl was injured.

The crude oil market is now preparing for the Israeli government's response to the attack and whether this will mark the beginning of a direct conflict between Israel and Iran.

In the worst-case scenario, a strong retaliation by Israel could lead to escalating tensions, potentially resulting in an unprecedented regional conflict.

Source: Vietstock