U.S. crude oil hovers above $83 after Iran says it will not escalate conflict with Israel

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U.S. crude oil hovers above $83 after Iran says it will not escalate conflict with Israel
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Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel’s retaliatory strike launched…

Iranian Foreign Minister Hossein Amirabdollahian told NBC News the country does not plan to respond to Israel's retaliatory strike launched Friday.

U.S. crude oil and Brent fell 3% last week. The two benchmarks are up about 16% and 12% this year, respectively.futures fell 27 cents to $87.02 a barrel. U.S. crude oil and Brent fell 3% last week. The two benchmarks are up about 16% and 13% this year, respectively."As long as there is no new adventurism by Israel against our interests, then we are not going to have any new reactions," Amirabdollahian said.

Traders have dismissed fears that tit-for-tat strikes between Iran and Israel will escalate into a war, with the market focus likely to shift back to supply and demand fundamentals this week.

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