Oil Prices Start the Week Lower as Fears of a War Between Israel and Iran Fade

Crude oil prices began the week with a loss as fears of an escalation between Iran and Israel dissipated. The latest events in the Middle East appear to have convinced traders there is no immediate danger of an all-out war, so they are unloading their oil positions. This brought Brent crude down below $87 per barrel and West Texas Intermediate to below $83 per barrel. This is bad news for Saudi Arabia, which needs oil prices close to $100 per barrel to balance its budget, according to a new estimate by the International Monetary Fund, which attributed the…