Oil price eases on hopes of Middle East de-escalation after attacks

Iran produces more than three million barrels of crude oil a day as a major producer within Opec

The price of Brent crude, the international oil benchmark, fell almost 1% back to $89.60 a barrel, the level of early last week.

The price of global crude oil and European wholesale gas traded little changed as traders bet the Israel-Iran attack and counter-attack will not lead to a wider conflagration between the two countries. 

The relief rally also spread to European stock markets, where Irish shares joined in a buying spree despite fears over the weekend about the huge risks of the Israel-Hamas war spreading to include regional superpowers in the Middle East such as Iran.