Oil Futures Pull Back After Iranian Attack on Israel

Crude oil futures settle lower in the wake of Iran’s drone attack on Israel after traders positioned for such an event late last week. “The market anticipated the widely publicized Iranian attack against Israel, which was executed without a loss of lives and major damages,” Peter Cardillo of Spartan Capital says. But “the pullback is poised to be short-lived despite international pressures for Israel to hold back on any serious retaliation against Iran. We suspect the decline is not likely to reverse the upward trend,” he adds. WTI for May delivery settles down 0.3% at $85.42 a barrel, above the day’s low of $84.05. June Brent falls 0.4% to $90.10 after dipping as low as $88.73.