While oil market players reduced risk premiums following the Iranian attack on Israel over the weekend, oil prices fell at the start of the week.

West Texas Intermediate (WTI) futures for delivery in May fell 52 cents, or 0.6%, to $85.14 per barrel. While those on Brent for delivery in June fell by 50 cents, or 0.5%, to 89.95 dollars per barrel at 06:30 GMT. Oil is expected to open up after the Iranian attack on Israel, but further gains may depend on the response. According to ING in its note, supply risks include more strictly enforced oil sanctions and an Israeli response could involve targeting Iranian energy infrastructure, while Iran currently produces over 3 million barrels per day (b/d) of crude oil as a major producer within the Organization of Petroleum Exporting Countries (