World oil prices fell on Monday (April 15, 2024) as traders bet on de-escalation in the Middle East, despite a retaliatory strike by Iran against Israel.
Iran’s attack on Saturday night, which involved more than 300 ballistic missiles and drones, was largely held off by Israeli air defenses. Iran said the attack was a response to the Israeli raid on Damascus, but also showed a desire to resolve the issue.
Markets responded positively to these signs of de-escalation. Brent prices fell 0.4%, while WTI fell 0.3%. Global stock markets showed mixed movements, with some Asian markets down on geopolitical concerns, while European and US markets were mostly up.
Other factors affecting the markets included solid US economic data, showing strong retail growth in March. Goldman Sachs shares jumped after reporting strong first-quarter earnings, while Tesla shares fell on planned job cuts.
Industrial metals prices surged on the London Metal Exchange due to continued sanctions against Russia. The US dollar hit fresh highs against the yen and a basket of other currencies.
Despite tensions in the Middle East, global financial markets showed resilience on Monday. Price movements showed a balance between geopolitical concerns and positive economic indicators.
