The oil market has brushed off Iran's weekend air assault against Israel, with futures trading as much as 1.5% lower on Monday. Where prices go from here, however, depends on how Israel responds. Crude oil futures had already priced in the risk as Iran had telegraphed an attack was looming, according to Maximilian Layton, head of commodities strategy at Citi. U.S.
"The attack is seen as potentially rewriting the rules of engagement between the two countries and could trigger an Israeli response that threatens a full-scale regional war," Kaneva told clients in a note. Attack 'well-telegraphed' Iran's attack, though unprecedented, did little actual damage as Israel and the U.S. intercepting nearly all the drones and missiles.
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