Iranian attend the funeral procession for seven Islamic Revolutionary Guard Corps members killed in a strike in Syria, which Iran blamed on Israel, in Tehran on April 5, 2024.
Atta Kenare | Afp | Getty Images
U.S. crude oil futures fell on Monday as the market waited for Iran to retaliate against Israel over a missile strike against the Islamic Republic’s consulate in Damascus.
The West Texas Intermediate contract for May delivery fell 60 cents, or 0.69%, to $86.31 a barrel. The June Brent contract lost 68 cents, 0.71%, to $90.96 a barrel.
A top Iranian military advisor warned Israel over the weekend that its embassies could be targeted. Tehran has blamed Israel for a missile strike last Monday against its consulate in Damascus, which killed top Iranian commander Mohammad Reza Zahedi.
“None of the embassies of the (Israeli) regime are safe anymore,” said Gen. Rahim Safavi, an advisor to Iran’s supreme leader Ayatollah Ali Khamenei.
The mounting tensions between Israel and Iran have renewed fears that direct confrontation between the two could ignite a regional conflict that disrupts crude supplies.
Negotiations for a ceasefire in the Israel-Hamas war are taking place in Cairo. A Hamas official told Reuters no progress has been made Monday.