Oil prices drop as Israel backs off Iran energy strike
Oil prices dropped Friday after Israeli prime minister Netanyahu said there won't be more strikes on Iran's energy sites, news that followed US President Donald Trump's public criticism of the earlier attacks.
West Texas Intermediate slipped 2% to under $95 a barrel, and Brent crude fell from $119 to $108.6.
Prices had spiked Thursday after Israel hit Iran's massive South
Prices had spiked Thursday after Israel hit Iran's massive South Pars gas field, leading Iran to retaliate by damaging QatarEnergy assets, a move that could mean a $20 billion annual revenue loss for QatarEnergy, its CEO warned.
The fallout didn't stop there: Saudi Arabia, the United Arab Emirates and Kuwait experienced disruptions from drone strikes or falling missile debris; Iraq reported power-generation losses after gas supplies were halted.
Trump warns Netanyahu against further action
Trump told reporters he'd warned Netanyahu against further action: "I told him not to do that. He won't do that."
Meanwhile, US Treasury official Scott Bessent is considering easing sanctions on Iran and tapping into emergency oil reserves.
Other countries like Japan, Canada, and South Korea are also pitching in to global oil stockpiles to help steady things.