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## Oil Prices Slip After Initial Spike on Reports of Israel-Iran Conflict

By Noah Browning

### Market Reaction to Initial Reports

(Reuters) – Oil prices slipped on Friday after spiking earlier on reports of Israeli attacks on Iran. Market fears of a major escalation in hostilities in the Middle East appeared to ease as the situation unfolded.

### Current Oil Prices

After jumping more than $3 in the session, Brent futures were down 46 cents, or 0.5%, at $86.65 a barrel by 1015 GMT. The most active U.S. West Texas Intermediate contract was down 34 cents, or 0.4%, at $82.39.

### Israel’s Attack on Iranian Soil

Reports indicated that Israel launched an attack on Iranian soil on Friday, causing explosions as per Iranian media reports. However, an Iranian official clarified to Reuters that the explosions were caused by air defense systems. State media reported three drones shot down over the city of Isfahan.

### Tehran’s Response

Tehran downplayed the incident and indicated no plans for retaliation, aiming to avoid further escalation in the region. This response seemed calculated to prevent a widespread conflict.

### Market Analysis and Outlook

According to Joshua Mahony, chief market analyst at Scope Markets, “Events of the past week appear to be more about showing willingness to act rather than seeking to incite a war. For markets, this is a best-case scenario.”

### Recent Developments in the Conflict

Last weekend, Iran launched hundreds of drones and missiles in retaliation for a suspected Israeli attack on its embassy compound in Syria. Most of the drones and missiles were intercepted before reaching Israeli territory, resulting in minimal damage and casualties.

### Impact on Oil Prices

Investors have been closely monitoring Israel’s reaction to the April 13 Iranian drone attacks. The geopolitical risk premium in oil prices has been diminishing this week due to the expectation that any Israeli retaliation would be tempered by international pressure.

### U.S. Sanctions on Iran

The U.S. announced sanctions on Iran, specifically targeting its unmanned aerial vehicle production following the country’s attack on Israel. Notably, these sanctions do not include Iran’s oil industry.

### AI legalese decoder‘s Role

In such complex geopolitical situations, the AI legalese decoder can help businesses and individuals navigate the legal implications and consequences of these events. By providing clear and concise interpretations of legal language and regulations, the AI legalese decoder can offer valuable insights and guidance to users in understanding the legal landscape surrounding international conflicts and sanctions.

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