Oil Pares Advance After Iranian Media Downplays Israel’s Attacks

Oil pared an initial, sharp jump as Iranian media appeared to downplay the impact of Israeli strikes that followed last weekend’s unprecedented bombardment by Iran.

Brent crude traded a little more than 1% higher, after earlier soaring above $90 a barrel on concerns over the potential for a wider conflict that could endanger crude supplies. Israel launched a strike on Iran, according to two US officials, but the Islamic Republic’s semi-official Tasnim news agency denied the reports, and said the Isfahan nuclear facility was safe. The International Atomic Energy Agency confirmed there was no damage at nuclear sites.