Oil prices shed gains as alarm over #Iran rocket strike fades - for now - Reuters

Oil prices shed gains as alarm over Iran rocket strike fades - for now - Reuters:

Oil prices were up on Wednesday but well below peaks hit in frenzied early trading after a rocket attack by Iran on American forces in Iraq raised the specter of a spiraling Middle East conflict and disruption to crude flows.

Prices gave up most of their early gains as analysts said market tension could ease as long as oil production facilities remain unaffected by attacks. Tweets by U.S. President Donald Trump and Iran’s foreign minister also appeared to signal a period of calm - for now.

Brent crude futures were up 26 cents, or 0.38%, to $68.53 by around 0908 GMT, after earlier rising to their highest level since mid-September 2019 at $71.75.

West Texas Intermediate crude futures gained 10 cents, or 0.16%, to $62.80 a barrel. It earlier hit $65.85, the highest since late April last year.

Iran’s missile attack on U.S.-led forces in Iraq came early on Wednesday, hours after the funeral of Qassem Soleimani, the commander of the country’s elite Quds Force killed in a U.S. drone stroke on Jan. 3.