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HOUSTON:
Oil prices slipped more than $3, or 4%, on Monday after Iran attacked the US military base in Qatar in retaliation for US attacks on its nuclear facilities, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz.
Brent crude futures were down $2.91, or 3.8%, at $74.09 a barrel by 1713GMT. US West Texas Intermediate crude (WTI) eased $2.8, or 3.8%, to $71.06.
US President Donald Trump said he had “obliterated” Iran’s main nuclear sites in strikes over the weekend. Israel also carried out fresh strikes against Iran on Monday.
At least two supertankers made U-turns near the Strait of Hormuz following US military strikes on Iran, ship tracking data shows.
About a fifth of the global oil supply flows through the strait. However, the risk of a complete shutdown is low, analysts have said. A telegraphed attack on a well-defended US base could be a first step in reducing tensions, provided there are no US casualties, Energy Aspects said in a post.
