Oil prices drop 5% as supply fears ease amid reports of Israel’s restraint on Iran

Oil prices tumbled 5 per cent today as supply fears faded after a Washington Post report signaled Israel would avoid targeting Iran's petroleum production. 

A glut of supply forecasted by the International Energy Agency also weighed on prices.

West Texas Intermediate dropped to hover near $70 dollars per barrel, while Brent, the international benchmark price, fell below $74 dollars.