Crude oil futures fell more than 3% Wednesday as the market dismissed the risk of a wider war between Israel and Iran that could disrupt supplies.
The West Texas Intermediate contract for May delivery lost $2.76, or 3.23%, to $82.60 a barrel.
June Brent futures were down $2.87, or 3.19%, at $87.15 a barrel.
U.S. oil and the global benchmark are down more than 3.5% for the week.
"Theories of Iran-Israel tension disrupting oil supplies have fizzled out," said Manish Raj, managing director of Velandera Energy Partners.
Persons:
Brent, Manish Raj, — Spencer Kimball
Organizations:
The West Texas Intermediate, Velandera Energy Partners
Locations:
Israel, Iran, The, U.S