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%Oil prices are down 4% and at their lowest level in two weeks as tensions across the Middle East subside and demand in China weakens.

The price of crude oil fell sharply on media reports that Israel does not plan to strike Iranian oil fields in retaliation for missiles fired at the country in recent weeks.

Israeli Prime Minister Benjamin Netanyahu said in an interview with The Washington Post newspaper that the U.S. is willing to strike Iranian military targets but not oil fields.

Brent crude oil, the international standard, declined 4.20% to $74.30 U.S. a barrel. West Texas Intermediate (WTI) crude oil, the U.S. benchmark, dropped 4.30% to $70.68 U.S. per barrel.

Both crude benchmarks are trading at their lowest levels since the start of October.

At the same time, both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) have lowered their forecasts for global oil demand growth.

Both energy agencies cited weakening demand in China, which is the world’s biggest oil importer, as the reason for their downgrades.

Data from China shows that September oil imports fell from a year earlier.

Economists say that China’s economic growth remains sluggish and will likely miss the 5% annualized growth target set by the government in Beijing for 2024.