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(Reuters) - Oil prices settled down more than 7% on Monday, losing more than $5 a barrel after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz, but instead attacked a U.S. military base in Qatar in retaliation for U.S. attacks on its nuclear facilities.
Brent crude futures closed down $5.53, or 7.2%, at $71.48 a barrel, while U.S. West Texas Intermediate crude (WTI) eased $5.33, or 7.2%, to $68.51.
Brent's 7.2% drop was the steepest since August 2022. The benchmark traded in a $10 range, the widest since July 2022.
Both benchmarks were down nearly 9% in after-hours trading.
"Oil flows for now aren't the primary target and are likely not to be impacted, I think it's going to be military retaliation on U.S. bases and/or trying to hit more of the Israeli civilian targets," said John Kilduff, a partner at Again Capital.
Oil fell sharply after Iran retaliated against U.S. airstrikes on its main nuclear sites with a missile attack on the Al Udeid U.S. airbase in Qatar, the largest U.S. military installation in the Middle East. No U.S. personnel were killed or injured in Iran's attack, two U.S. officials told Reuters.
U.S. stocks ended higher after volatile swings on Monday, after Iran launched missiles at a U.S. military base in Qatar — though reports said Iran gave advanced warnings. At the same time, no U.S. personnel were killed or injured in the attack.
The Dow Jones Industrial Average went up 374.96 points or 0.9% to end at 42,581.78 for back-to-back gains, according to the Dow Jones Market Data.
The S&P 500 rose 57.33 points or 1% to finish at 6,025.17, snapping a three-day losing streak.
The Nasdaq Composite gained 183.56 points or 0.9% to close at 19,630.97.
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