Oil markets shrug off Iran's attack on Israel

On April 14, Iran carried out a drone and missile attack on Israel from its territory, marking the first direct assault of this kind. This incident occurred on the same day that Iranian Revolutionary Guards detained an Israel-linked container ship near the Strait of Hormuz. The attack led to a decrease in Brent crude oil prices by approximately 1%, dropping to $89.49 per barrel. Despite some damage, there is relief in the market as the assault caused less harm than anticipated. Analysts suggest that Brent crude prices are currently higher than what is justified based on current supply and demand, with one analyst commenting, "An attack was largely priced in." As of now, Brent crude is trading 0.35% lower at $90.13 per barrel.