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.
Donald Trump has unveiled a sweeping national AI strategy on Wednesday, signing three executive orders aimed at securing U.S. dominance in the global ...
Russia and Ukraine have completed a major prisoner exchange, marking one of the largest swaps since the start of the war. The deal was based on agreem...
Germany and France are aiming to end a long-standing rift over their joint fighter jet project by August, as Chancellor Friedrich Merz and President E...
Senior diplomats from Iran, Russia and China convened in Tehran to coordinate their positions on Iran’s nuclear programme and Western sanctions ahea...
Australia has made a further payment to the United States under the AUKUS nuclear submarine deal. Prime Minister Anthony Albanese confirmed on Wednesd...
Donald Trump has unveiled a sweeping national AI strategy on Wednesday, signing three executive orders aimed at securing U.S. dominance in the global artificial intelligence race by accelerating innovation, cutting red tape, and easing regulations on critical data infrastructure.
Russia and Ukraine have completed a major prisoner exchange, marking one of the largest swaps since the start of the war. The deal was based on agreements made earlier in Istanbul.
Germany and France are aiming to end a long-standing rift over their joint fighter jet project by August, as Chancellor Friedrich Merz and President Emmanuel Macron push for unity in European defense.
Turkish defence firm Aselsan showcased new technologies designed to integrate with Türkiye’s multi-layered Steel Dome air defence system at the International Defence Industry Fair (IDEF 2025) in Istanbul this week.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
Inflation is when prices rise, reducing the purchasing power of your money. When it happens slowly, it’s manageable. But when it surges, it can disrupt savings, wages, business planning, and economic growth. That’s when central banks step in.
Spy cockroaches, tank-like AI robots, and battlefield drones are at the heart of Germany’s ambitious plan to reinvent warfare, as Europe ramps up defence spending in response to Russia’s invasion of Ukraine.
The announcement triggered a sharp rally in Japanese equity markets. Shares in major automakers surged: Toyota rose over 14%, Honda gained 11%, while Mazda and Subaru both advanced more than 17%. Japan’s Topix index closed up 3.2%. The yen weakened slightly, trading at ¥146.8 against the dollar.
Türkiye has secured €2.4 billion ($2.8 billion) in green financing for a railway project aimed at establishing a direct rail connection to Azerbaijan's Nakhchivan exclave.
UK has announced fresh sanctions to crack down Russia's so-called "shadow fleet", targeting 135 oil tankers along with two Russian firms, shipping company Intershipping Services LLC and oil trader Litasco Middle East DMCC.
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