Oil Prices Fall as Geopolitical Premium Fizzles

Crude oil took a dive today on reports that Israel was willing to not target Iranian oil facilities in its retaliatory strike that had oil traders on edge earlier this month. The original report came out in the Washington Post, which wrote, citing two unnamed officials, that Israel’s Prime Minister Benjamin Netanyahu had told his U.S. allies that the IDF would focus on military targets, and not oil and nuclear power facilities. That report essentially killed the geopolitical premium supporting oil prices last week, reinforcing a couple of…