Oil slides by nearly 6% after Israeli retaliatory attack on Iran

29 Oct 2024 CW Team

The benchmarks had risen by 4% the previous week amid volatile trading, reflecting uncertainty around the upcoming U.S. election and Israel's anticipated response to an Iranian missile attack on October 1. Before dawn on Saturday, dozens of Israeli jets carried out three waves of strikes on missile factories and other sites near Tehran and in western Iran, marking the latest confrontation between the two countries.

Analysts noted that the geopolitical risk premium factored into oil prices ahead of Israel's attack had decreased. John Evans at PVM suggested that Israel’s response was strongly influenced by the Biden administration as the U.S. election approaches. Meanwhile, Commonwealth Bank of Australia analyst Vivek Dhar expressed doubts about a swift de-escalation in Middle Eastern tensions, stating that although Israel’s response to Iran was measured, it is unlikely that a lasting ceasefire with Iranian proxies, Hamas and Hezbollah, is imminent.

Citi has adjusted its Brent price target for the next three months, lowering it from $74 to $70 per barrel due to the reduced risk premium in the short term, as explained by analysts led by Max Layton. Additionally, Panmure Liberum analyst Ashley Kelty observed that rhetoric from OPEC+ ministers regarding production quotas will play a significant role in price trends, with potential delays to production increases looking more likely given the soft market outlook and high break-even prices required by most cartel members.

Oil prices dropped by over $4 per barrel on Monday, as Israel's weekend strikes on Iran avoided oil and nuclear sites, leaving energy supplies unaffected. Both Brent and U.S. West Texas Intermediate crude fell to their lowest levels since the start of the month. By 1130 GMT, Brent had fallen by $4.28, or 5.6%, to $71.77 per barrel, while WTI dropped by $4.25, or 5.9%, to $67.53. The benchmarks had risen by 4% the previous week amid volatile trading, reflecting uncertainty around the upcoming U.S. election and Israel's anticipated response to an Iranian missile attack on October 1. Before dawn on Saturday, dozens of Israeli jets carried out three waves of strikes on missile factories and other sites near Tehran and in western Iran, marking the latest confrontation between the two countries. Analysts noted that the geopolitical risk premium factored into oil prices ahead of Israel's attack had decreased. John Evans at PVM suggested that Israel’s response was strongly influenced by the Biden administration as the U.S. election approaches. Meanwhile, Commonwealth Bank of Australia analyst Vivek Dhar expressed doubts about a swift de-escalation in Middle Eastern tensions, stating that although Israel’s response to Iran was measured, it is unlikely that a lasting ceasefire with Iranian proxies, Hamas and Hezbollah, is imminent. Citi has adjusted its Brent price target for the next three months, lowering it from $74 to $70 per barrel due to the reduced risk premium in the short term, as explained by analysts led by Max Layton. Additionally, Panmure Liberum analyst Ashley Kelty observed that rhetoric from OPEC+ ministers regarding production quotas will play a significant role in price trends, with potential delays to production increases looking more likely given the soft market outlook and high break-even prices required by most cartel members.

Infrastructure Urban

09 Feb 2026

Covestro India Donates Rs 4.3 Mn for Cuddalore Sustainability

Covestro (India) has handed over Rs 4.3 million to the Cuddalore District Administration to support two community development initiatives focused on water conservation and solid waste management. The contribution aims to address key environmental and sanitation challenges in the district while strengthening local infrastructure.The handover took place at the District Collector’s Office on February 4, 2026, where Jeganathan Kanmani, Site Head, Covestro (India) Cuddalore, presented a demand draft to the District Collector. The funding includes Rs 2.3 million for the desilting of irrigation tan..

Infrastructure Urban

09 Feb 2026

Prozo Launches 1.5 Lakh sq ft Multi-client Fulfilment Hub in Haryana

Prozo, India’s fast-growing full-stack supply chain company, has launched a 1.5 lakh sq ft enterprise-grade multi-client fulfilment facility at Horizon Industrial Parks in Gurugram, Haryana. The newly inaugurated hub is Prozo’s largest multi-client warehouse in the country and marks its sixth such facility in Haryana and eleventh across North India, further strengthening its expanding network of over 50 fulfilment centres covering nearly 3 million sq ft.Designed as a model warehouse for North India, the facility combines high-spec infrastructure with Prozo’s proprietary technology stack ..

Infrastructure Urban

09 Feb 2026

Schaeffler Highlights Future-ready Aftermarket Solutions at ACMA 2026

Schaeffler India, a leading motion technology company, is participating in ACMA Automechanika 2026 in New Delhi, where it is showcasing a comprehensive and future-ready aftermarket portfolio designed to support the complete vehicle lifecycle. The company’s offerings cater to a wide spectrum of mobility segments, including two-wheelers, passenger vehicles with internal combustion engines (ICE), commercial vehicles, tractors, hybrids and electric vehicles (EVs).A key highlight of Schaeffler India’s presence at the event is the launch of a dedicated range of two-wheeler spare parts for the In..