<h1>Oil prices plunge 7.2% as Iran's restrained missile attack signals no threat to Strait of Hormuz shipments</h1> Oil prices dropped 7.2% following Iran's limited missile attack on a US base in Qatar, as traders interpreted the restrained response as a sign Iran won't disrupt oil shipments through the Strait of Hormuz. West Texas Intermediate fell to $68.51 per barrel, returning to pre-conflict levels. Analysts noted Iran relies heavily on oil revenue from the same waterway, making closure economically damaging. The price decline benefits consumers and supports the administration's inflation concerns, though uncertainty remains about future Iranian actions that could still impact global oil markets.