Oil prices plunged Monday after Iran’s response to US military strikes appeared to be intercepted.
The steep sell-off wipes out an initial spike Sunday night driven by concerns that Iran could lash out by targeting energy infrastructure in the Middle East.
Oil prices began tumbling Monday after Iranian missiles lobbed toward a US base in Qatar were intercepted. No injuries or deaths were reported and a source familiar with the matter told CNN that Iran gave Qatar advance notice an attack was coming.
US oil futures plunged 7.2%, to settle at $68.51 a barrel. The drop represents the biggest one-day decline since early April and one of the worst days over the past three years.
Crude finished the day roughly $10 below the Sunday night peak of $78.40.
The energy sell-off lifted US stocks, easing concerns about an oil shock that would worsen inflation.
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