Oil plunges 4%

Oil plunges 4% as Iran fires missiles toward US bases

From CNN’s Matt Egan

The selloff in the oil market accelerated Monday after Iran fired missiles toward US bases in Qatar and Iraq that appeared to be intercepted. Traders are betting that Iran doesn’t have the willingness or capability to retaliate against US forces.

As of 1:23 p.m. ET, US crude tumbled 4.1% to $70.78 a barrel.

That marks a dramatic turnaround from the Sunday evening spike of 6% to as high as $78.50 a barrel.