Crude oil prices fell more than 4 percent on Tuesday after a report that Israel was willing to spare Iranian oil targets, easing concerns over supply disruption.
Brent crude oil price fell 4.65 percent to $73.83 a barrel at 5.18 WAT, while West Texas Intermediate (WTI) lost 4.86 percent, dropping to $70.20 a barrel.
Both prices had dropped about 2 per cent on Monday.
Amid the escalating conflict in the Middle East, Reuters reported that Benjamin Netanyahu, Israel’s prime minister, told the US his country is willing to strike military targets rather than oil or nuclear facilities in Iran.
The region has been on edge awaiting Isreal’s response to Iranian missiles launched on October 1.
Iran had said the attack was in response to Israel’s invasion of Lebanon and the assassination of its allies, including Hamas’ Ismail Haniyeh in Tehran, and Hassan Nasrallah,
