Oil prices fall after Israel fends off large-scale aerial attack by Iran [Video]

U.S. crude oil futures were lower Monday as traders breathed a sigh of relief after Israel fended off a large-scale air assault by Iran and the U.S. emphasized it wants to avoid a wider war in the Middle East.

The West Texas Intermediate contract for May lost 71 cents to $84.95 a barrel. June Brent futures eased 77 cents to $89.68 a barrel. U.S. crude closed at $85.66 a barrel Friday, while the global benchmark settled at $90.45. WTI futures began the year around $71 a barrel.

Iran launched more than 300 drones and missiles against military targets in Israel on Saturday in an attack that President Joe Biden described as “unprecedented.” The U.S. intervened to directly help Israel shoot down nearly all of the incoming munitions, Biden said in a statement Saturday.

Though significant in scale, the Iranian attack caused little actual damage in Israel. The Nevatim Air Force Base in southern Israel suffered slight damage and a 10-year-old girl suffered severe injuries, …