Iran attacks US military bases, but oil prices plunge? Analysts: The attack did not hinder the supply of crude oil, and Iran was able to save face

Iran's retaliatory strike on a US base in Qatar was less severe than investors had feared, easing market fears that the conflict would immediately disrupt supplies to the Middle East and sending oil prices lower. US oil plunged 4 per cent after Iran launched a missile at a US base in Qatar, and traders had feared that Iran's retaliatory response would involve closing the Strait of Hormuz, through which about a fifth of the world's oil passes. While there were initial fears that Iran would disrupt supplies in retaliation against the US, those fears have subsided. "It seems to me that this was orchestrated, with Iran attacking an empty US base, issuing plenty of advance warnings, closing airspace and providing evasion guidance." Harry Tchilinguirian, head of research at Onyx Capital Group, said: "Iran responded with face and stayed away from the Strait of Hormuz."