Crude oil prices plunged by more than 5% before paring losses during the Asian session on Monday, following news that Israel had avoided targeting Iran’s oil or nuclear facilities in retaliation for Iran’s ballistic missile attack on 1 October. Iran’s state media reported that its oil production was functioning normally. The limited military operation eased concerns about a potential all-out war in the Middle East, which could have led to a significant disruption in the crude supply. Michael Brown, Senior Research Strategist at Pepertone in London, wrote in a note: “This could indeed be a situ…