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Oil prices recede after rise on Iraq missile attacks

January 9, 2020 6:31 am

Oil prices have receded, after rising following an Iranian attack on two bases hosting US troops in Iraq.

Financial markets were also relatively calm despite the conflict, amid investor hopes that the two sides would avoid further escalation.

US President Donald Trump said he would seek additional economic sanctions, but he stopped short of calling for military action.

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The three main share indexes in the US were up about 0.7%.

While oil prices had jumped to an almost four-month high overnight, they fell back during trade on Wednesday.

Brent Crude was down more than 3% to about $65.78 per barrel by mid-day in New York and West Texas International fell more than 4%.

Despite that pullback, oil prices remain nearly 25% higher over the last 12 months, due in part to rising tensions in the Middle East.

Iranian state television said the attack was a retaliation for the killing of the country’s top commander Qasem Soleimani.

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