Global oil prices record sharpest single-day decline in 5 years

Global oil prices recorded their sharpest single-day decline in five years following Iran’s attack on the Al Udeid US airbase in Qatar. Oil prices tumbled over 6 per cent, falling by 5 US dollars per barrel, after Iran launched retaliatory strikes in response to US attacks on Iranian nuclear facilities. The oil market initially surged on weekend tensions but began selling off sharply.

Sources indicated that Tehran may have coordinated the timing and targets with Qatari officials in advance, an effort analysts interpret as a move to avoid triggering a broader conflict that could destabilise energy markets.



Notably, QatarEnergy’s shipments or production were not disrupted, and no additional Iranian attacks were reported at US military bases beyond Qatar.

The price decline reflects market relief that Iran’s retaliation strategy focused on military rather than economic targets. Iran’s strike avoided oil facilities, pipelines, and the Strait of Hormuz. The absence of direct threats to energy infrastructure helped reassure markets that supply disruptions were unlikely, contributing to the steep price drop as traders unwound risk premiums built up over the weekend.