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.
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The Shanghai Cooperation Organization (SCO) summit in Tianjin has drawn unprecedented attention. With the largest gathering in its history, the SCO now stands as one of the most significant multilateral platforms in Eurasia.
The share of global trade conducted under WTO rules has fallen to 72%, the lowest since the start of the year, as tariffs and geopolitical tensions disrupt international commerce, WTO Director-General Ngozi Okonjo-Iweala says.
Türkiye’s tourism sector is breaking records, with new strategies and culture, putting the country firmly on the global map.
At least four soldiers and 10 militia fighters were killed in clashes in South Sudan’s Upper Nile state, the military said on Tuesday, in the same region where earlier violence led to the arrest of First Vice President Riek Machar.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Tesla’s European sales have plunged for an eighth straight month, with sharp declines in France, Denmark and Sweden highlighting growing competition, consumer backlash against Elon Musk, and the company’s ageing product line.
YouTube TV and Fox have reached a distribution agreement that will keep Fox News, Fox Sports and other Fox channels available to subscribers, the companies confirmed on Thursday.
The S&P 500 and Dow Jones Industrial Average closed at record highs on Thursday (28 August), after Nvidia’s quarterly report fell short of investors’ lofty expectations but confirmed that demand for artificial intelligence (AI) infrastructure remains strong.
Malaysia Prime Minister Anwar Ibrahim said he intends to convene a summit of the Regional Comprehensive Economic Partnership in October, local media reported on Wednesday.
The Organisation for Economic Co-operation and Development (OECD) reported on Tuesday that G20 countries’ international goods trade rose slightly in the second quarter of 2025, mainly because imports into the United States fell sharply after rising in the first quarter.
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