Oil Prices Fall After Iran's Limited Strike

Oil prices plunged by over 7% after Iran launched a limited missile strike on a US base in Qatar in response to US attacks on Iranian nuclear facilities. The strike did not target energy infrastructure or disrupt shipping through the Strait of Hormuz, easing initial fears of major supply interruptions. Although Iran's parliament voted to close the Strait, shipping lanes remain open and experts note such a move would harm Iran's own oil exports to China. Iran's response was muted, with advance notice to the US and no casualties, leading investors to believe further escalation is unlikely. President Trump called for oil producers to keep prices low and urged increased domestic drilling, but producers have responded cautiously, emphasizing fiscal discipline. Analysts expect only modest increases in gas prices as markets watch for further regional developments.