Crude Oil is trading slightly lower today in the European session below the $85 level.
On Tuesday, crude oil futures dropped for the second consecutive day in European trading, with the U.S. anticipating a restrained reaction from Israel following an unprecedented air strike by Iran.
This development has alleviated concerns about the Middle East tipping into a wider regional conflict. According to four U.S. officials who spoke to NBC News, the expected Israeli response to Iran's attack is anticipated to be limited in scale, potentially involving targeted strikes on Iranian forces and their allies outside of Iran itself.