NEW YORK, United States — World oil prices sank Monday as traders bet on de-escalation in the Middle East despite a strike on Israel by key crude producer Iran.Iran unleashed more than 300 ballistic and cruise missiles and attack drones late Saturday. Most were repelled by Israel's air defenses.
Experts said the limited scope of the attack showed Iran was seeking to make a show of strength, but without sparking a conflict. Analysts at Deutsche Bank said "there is the risk that a geopolitical shock hurts growth, bringing forward the timing of rate cuts." US equity markets have largely taken in their stride the receding prospects of cuts in US interest rates as the strong economic growth means better prospects for corporate earnings.
Prices of industrial metals shot higher on the London Metal Exchange following bans on supplies from Russia as part of sanctions over its offensive in Ukraine. Prices of both copper and aluminum hit levels last seen in June 2022.
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