Rumor has it that Israel avoided attacking Iran's crude oil facilities, oil prices continued to fall, and oil prices fell 4.0% during the day

The Zhitong Finance App learned that there are reports that Israel may avoid attacking Iran's crude oil infrastructure, which allayed concerns about the tense situation in the Middle East, and oil prices continued to fall. WTI crude oil fell 2.3% to around $72 a barrel on Monday. Brent crude oil fell 4.0% during the day to close at around $77 per barrel.

The media quoted two informed officials as saying that Israeli Prime Minister Binyamin Netanyahu told the Biden administration that he wanted to attack Iran's military facilities rather than oil or nuclear facilities.

Rohan Reddy, head of international business development and corporate strategy at Global X Management, said: “The current market reaction may be to increase or decrease the geopolitical risk premium for oil.”

Crude oil prices have been fluctuating like a roller coaster in recent weeks, as traders have been watching the prospects for the escalation of the Middle East conflict, and Israel has vowed to severely retaliate against Iran's October 1 missile attack. As the geopolitical situation threatens oil production in the region, which supplies about one-third of the world's oil, the price of WTI crude oil rose by about 5% this month.

Concerns about demand are putting pressure on oil prices. To make matters worse, OPEC lowered its global oil demand forecast for this year and next for the third month in a row. According to the report, OPEC lowered the 2024 average daily oil demand forecast from 2.03 million barrels to 1.93 million barrels compared to the previous year. After adjustment, the average daily oil demand for the whole year is expected to be about 104 million barrels.