Oil prices plunged nearly 6% despite the Iranian strikes on a US military base in Qatar on Monday. Brent crude fell 5.30% to $71.48 per barrel, while West Texas Intermediate slid approximately 5.88% to trade near $69.50 a barrel as of 11:29 p.m. IST.
This market reaction occurred despite earlier concerns that US attacks on Iranian nuclear sites over the weekend could lead to increased oil prices.
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The reason behind the uptick in oil prices, say analysts, is due to US President Donald Trump's push for more "drilling" and combined efforts to keep the rates down.
Trump, earlier in the day, publicly urged the Energy Department to facilitate more drilling to keep oil prices down, stating, "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING!" He also reiterated his "drill, baby drill" stance.
Strikes On US Military Base
Qatar's Al Udeid Air Base was attacked, Iran said in an announcement on state television as martial music played. Witnesses in Qatar reported hearing explosions and seeing what appeared to be missiles over the country. The Qatari government confirmed the strike, asserting that its air defenses "thwarted the attack and successfully intercepted the Iranian missiles," as per reports.
A caption on the screen called it "a mighty and successful response by the armed forces of Iran to America's aggression". The attack came shortly after Qatar closed its airspace as a precaution amid threats from Iran.
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