Brent crude falls below $70

By Gokhan Ergocun

ISTANBUL (AA) - The price of Brent crude oil fell Monday below the $70 a barrel level for the first time since the beginning of clashes between Israel and Iran.

Iran retaliated Monday following US attacks over the weekend on three of its nuclear sites which resulted in no casualties, causing oil prices to lose around 8.6% as of 0900GMT.

In response to the US attacks, Iran launched a missile attack Monday on Al Udeid Air Base in Qatar, the largest American military base in the Middle East.

In a statement on social media, US President Donald Trump thanked Iran for giving Washington advance notice of the attack, saying this prevented any loss of life or injury.

“Perhaps Iran can now proceed to peace and harmony in the region, and I will enthusiastically encourage Israel to do the same,” he said.

The price of Brent was trading at $69.40 a barrel at the time of writing, down 8.64%. It was at the $65 level at the beginning of June and hit $77 during clashes last week.