Oil prices fall as reality of weak global demand overtakes risk of wider war in Middle East

Global oil prices are falling sharply after a retaliatory strike by Israel over the weekend targeted Iranian military sites rather than its energy infrastructure as had been feared. Prices for crude spiked globally on October 2 after Iran fired nearly 200 missiles into Israel, part of a series of rapidly escalating attacks between Israel and Iran and its Arab allies that threatened to push the Middle East closer to a regionwide war. With many seeing that threat diminishing, at least in the near term, the price of benchmark U.S. crude and Brent crude, the international benchmark, tumbled 6% Monday.