Oil plummeted nearly 6% toward 2024 lows after an expected Israeli retaliatory strikes against Iran over the weekend spared the country’s petroleum infrastructure.

West Texas Intermediate (CL=F) futures tumbled below $68, while Brent (BZ=F), the international benchmark, slid to trade below $72 a barrel.

Tel Aviv’s attack early Saturday morning, which came in response to Tehran's missile strikes on October 1, were targeted at Iranian military facilities.

Oil was volatile in the weeks preceding the retaliation, as Brent touched $80 per barrel as traders speculated whether Israel would strike against Iran’s oil infrastructure. The White House advised against targeting the country's oil or nuclear facilities.

Iran, a founding member of the Organization of the Petroleum Exporting Countries (OPEC), is responsible for more than 3 million of crude production barrels per day.

Iran’s military joint staff said in a statement the attack caused "limited damage" and said four people died. The statement condemned the strike but added Tehran "recognizes its responsibilities towards regional peace and security."

With the threat of a supply disruption from Iran waning, the markets's next big catalyst could be OPEC's resolve to unwind production output, a move the oil alliance has previously delayed but is currently slated to start in December.

WTI is down more than 3% year-to-date, while Brent is down more than 4% during the same period.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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