Brent crude oil futures plunged 7.2% to settle at $71.50 per barrel on Monday, after Iran’s missile strike on a US airbase in Qatar resulted in no reported casualties, easing fears of an immediate escalation in Middle East tensions. The attack, launched in retaliation for US strikes on Iran’s nuclear facilities, was intercepted by Qatari defenses, triggering a sharp pullback after breaking above $81 on Sunday. While markets are now pricing in a potential de-escalation, significant risks remain—chief among them the threat of Iran attempting to close the Strait of Hormuz, a vital chokepoint for about 20% of global oil flows. Although Iran’s parliament reportedly backed the move, the final decision rests with the country’s national security council. US officials, including Secretary of State Marco Rubio, warned that such a step would be “economic suicide” for Iran and urged China—its largest oil customer—to intervene.

Brent Sinks 7% as Middle East Escalation Fears Ease

WTI crude oil futures tumbled 7.2% to settle at $68.50 per barrel on Monday, after Iran’s missile strike on a US airbase in Qatar resulted in no reported casualties, easing fears of an immediate escalation in Middle East tensions. The attack, launched in retaliation for US strikes on Iran’s nuclear facilities, was intercepted by Qatari defenses, triggering a sharp pullback from January highs of $74.30. While markets are now pricing in a potential de-escalation, significant risks remain—chief among them the threat of Iran attempting to close the Strait of Hormuz, a vital chokepoint for about 20% of global oil flows. Although Iran’s parliament reportedly backed the move, the final decision rests with the country’s national security council. US officials, including Secretary of State Marco Rubio, warned that such a step would be “economic suicide” for Iran and urged China—its largest oil customer—to intervene.

Crude Oil Slides 7% After Iran Strike Causes No Casualties

US stocks climbed on Monday as investors shrugged off fears of a broader conflict, following a measured Iranian response to US airstrikes over the weekend. The S&P 500 gained 0.7% and the Nasdaq advanced 0.8%, while the Dow rose over 250 points, supported by easing concerns over a major oil supply disruption. US oil prices slumped nearly 7% after Iran launched missiles at a US base in Qatar—an attack that was reportedly intercepted without casualties—prompting sharp reversals in energy stocks, with ExxonMobil and Chevron both falling 2%. The response was seen as restrained, as Iran refrained from targeting critical energy infrastructure or disrupting the Strait of Hormuz. President Trump also weighed in, posting on social media that oil producers should “keep prices down,” further pressuring crude. On the corporate front, Tesla surged more than 9% after debuting its first driverless taxis, while AMD rose 1% following a research upgrade, helping to lift the broader tech sector.

Wall Street Advances as Iran Response Eases Market Fears

US stocks pared their recent rally on Monday after Iran launched missiles at US bases in Qatar, yet benchmarks still remained comfortably higher as energy supplies remained secure. The S&P 500, Dow Jones and Nasdaq 100 all gained over 0.3%, shrugging off geopolitical jitters once it became clear that Iran would not disrupt tanker traffic through the Strait of Hormuz. Crude futures reversed their gains on reports that oil flows in the Persian Gulf would remain uninterrupted despite retaliatory strikes on Iranian nuclear infrastructure. Tesla led sectoral strength with an over 8% pop after rolling out its first driverless taxis, and AMD jumped 2.3% on a research upgrade. Energy majors ExxonMobil and Chevron pared early gains as oil prices eased, but the broader market held up on the back of resilient corporate news and the alleviation of near-term supply concerns.

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