Oil prices plunged more than 12% last week, ending a three-week rally, with experts expecting them to stabilize around $60 if the fragile ceasefire between Israel and Iran holds.
Brent crude prices surged to $77.81 per barrel on 23 June after U.S. strikes on Iranian nuclear sites but then fell sharply by 8.5% to $69.48 following Iran’s limited retaliation.
The decline sped up after ceasefire reports between Iran and Israel eased concerns over oil flow through the Strait of Hormuz. Brent closed the week at $66.33, marking its largest weekly drop since March 2023.
Looking ahead, analysts believe prices will hover near $60 as geopolitical risks fade and supply-demand fundamentals reassert themselves.
The OPEC+ meeting on 6 July will be key, as production decisions could push prices down to the mid-$60s if supply is increased.
Experts say U.S. efforts to lower oil prices face challenges from strong summer demand and OPEC+’s supply control.
Iran’s army said it targeted U.S. military facilities in Bahrain and Kuwait with drone attacks. Tehran said the operations were carried out in retal...
Azerbaijan and Kyrgyzstan have elevated their relations to an allied partnership level with the signing of a new treaty during President Ilham Aliyevâ...
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 31st of July, covering the latest developments....
French DJ and electropop musician Kavinsky, whose atmospheric sound shaped a generation of electronic music fans, has died at the age of 50, French authorities said on Tuesday.
Saudi Arabia said its overnight strikes on Iran-backed group targets in Iraq were carried out in self-defence and warned it would take further military action if the groups launched new attacks against the kingdom.
The U.S. military said it completed its latest wave of strikes on Iran, a two-hour operation that hit dozens of targets. Washington described the strikes as a "powerful response" to Iranian missile attacks targeting U.S. forces in the Middle East a day earlier.
A fire involving two gas vessels at Egypt's Damietta port has prompted conflicting reports over whether the incident was caused by a drone strike or an onboard technical fault. Egyptian authorities said there were no casualties.
Thousands of migrants have crossed into the Spanish exclave of Ceuta from Morocco, overwhelming border security and prompting local authorities to call for a national emergency and military deployment.
Ford raised its full-year earnings forecast after reporting stronger-than-expected second-quarter adjusted profit, as resilient demand for its vehicles and operational improvements helped offset tariff-related costs.
SK Hynix reported record quarterly profit on Wednesday, but its shares slumped 10 per cent after the South Korean chipmaker fell short of investor expectations built around the artificial intelligence (AI) boom.
Oil prices have fallen more than six per cent as a pause in U.S.-Iran hostilities eased fears of wider supply disruption around the Gulf.
Paramount Skydance agreed to pause its acquisition of Warner Bros Discovery until after a ruling on a challenge by states to the deal, plunging the $110 billion deal into further uncertainty.
China's Foreign Ministry has said it is closely ​monitoring the United Kingdom's nationalisation ‌of British Steel. Prior to the British government fully taking over the loss-making company on Thursday, it was previously owned by Chinese private steelmaker Jingye.Â
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment