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Oil Prices Tank as Iran-Israel Risk Discounted

Prices for crude oil retreated more than 3% Wednesday as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies.

The West Texas Intermediate contract for May delivery lost $2.67, or 3.13%, to settle at $82.69 U.S. a barrel. June Brent futures were down $2.73, or 3.03%, at settle at $87.29 U.S. a barrel. U.S. oil and the global benchmark are down more than 3.4% for the week.

One industry watcher says the hostilities in the Middle East have not led to a supply disruption, and Israel is unlikely to respond by hitting an oil producing or exporting facility in Iran.

U.K. Foreign Secretary David Cameron said earlier in the day that “it’s clear the Israelis are making a decision to act” against Iran.

“We hope they do so in a way that does as little to escalate this as possible,” Cameron told reporters in Jerusalem before meeting with Israeli officials.

Iranian President Ebrahim Raisi warned Wednesday that a counterattack by Israel would be met with a “massive and harsh” response.