Evidence of Iran’s influence over the global economy appeared Wednesday as the oil-rich nation agreed to release 15 British captives and petroleum prices consequently fell. If a relatively minor diplomatic dispute can perturb investors, imagine how invading or bombing Iran would affect global markets.
World oil prices have fallen after Iran said it would immediately release 15 seized British navy personnel.
New York light crude fell 43 cents to $64.21 a barrel after the announcement by Iran President Mahmoud Ahmadinejad.
Brent crude slipped three cents to $67.78. However, the falls were offset by a sharp drop in US petrol supplies.
Prices had surged to seven-month peaks above $69 a barrel in London on Monday on fears the stand-off could disrupt crude exports.