Oil prices dip as markets debate hit from Middle East turmoil
© Reuters. FILE PHOTO: An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Mandatory credit Kyodo/via REUTERS/File Photo
Both benchmarks had gained more than $3.50 on Monday on news of the conflict after falling steeply in volatile trading last week. Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said on Monday. The turmoil may also cause U.S. to tighten its sanctions on Iran and hurt export of Iranian oil, analysts said.
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