Oil Prices Decline As Middle East Worries Ease

Published: 10/30/2023 5:51 AM ET

Oil prices tumbled on Monday as Middle East worries eased, and investors looked ahead to a busy week of economic data and central bank meetings.

Benchmark Brent crude futures fell 1.6 percent to $87.75 per barrel, while WTI crude futures were down 1.7 percent at $84.06.

Israeli troops have entered the Gaza Strip for the first time in nearly two decades, but it’s unclear whether the maneuvers mark the official start of an invasion.

After U.S. airstrikes targeted Iranian targets in Syria last week, there were fears that tensions could spread into a wider conflict and disrupt global crude supplies.

The attack by the U.S. was in response to a flurry of recent rocket and drone assaults against American soldiers in Iraq and Syria.

On the economic front, investors await global manufacturing data and the all-important U.S. jobs report this week for clarity on the economic outlook.

The U.S. Federal Reserve, Bank of England and Bank of Japan are set to hold their monetary policy meetings this week, with economists expecting a status quo policy from the U.S. central bank and the U.K. central bank.

Analysts expect the Bank of Japan to potentially further tweak its yield curve control (YCC) policy when it meets on Tuesday.