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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Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including thr...
At least six people have died after a bus caught fire in Kerzers, Switzerland, in what police say may have been a deliberate act. Witnesses reported a man inside the vehicle set himself alight. Three others were injured and taken to hospital, while authorities continue their investigation.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 11th of March, covering the latest developments you need to know.
Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including threats over the strategic Strait of Hormuz, a critical artery for global oil supplies.
Iran and the U.S. exchanged threats on Tuesday, as U.S. Defense Secretary Pete Hegseth warned Tehran to expect the “most intense day" of attacks so far. Meanwhile, Iranian President Masoud Pezeshkian said “anyone who entertains the illusion of destroying Iran knows nothing of history."
Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including threats over the strategic Strait of Hormuz, a critical artery for global oil supplies.
China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
Iranian civilian and military officials have pledged their obedience to the new leader, Ayatollah Seyed Mojtaba Khamenei, with President Masoud Pezeshkian saying his leadership “will herald a new era of dignity and authority for the Iranian nation.”.
Kazakhstan has evacuated more than 7,300 citizens from the Middle East since regional tensions escalated, using both air and land routes to bring nationals home while closely monitoring political developments and potential economic effects linked to rising oil prices.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
Global financial markets remained on edge on Friday as the escalating war involving the United States, Israel and Iran continued to rattle investors, fuelling volatility in stocks and sending energy prices sharply higher.
China’s top leadership has unveiled a new push to turn advanced technologies into large-scale industrial priorities as part of the country’s upcoming 15th Five-Year Plan, which will guide economic and social development from 2026 to 2030.
The European Commission sees no immediate impact on the European Union's security of oil supply from the escalating conflict in the Middle East, it said in an email to EU governments, seen by Reuters on Monday (2 March).
Paramount Skydance emerged as the winner in a months-long battle to acquire Warner Bros Discovery after streaming giant Netflix on Thursday refused to raise its bid for the storied Hollywood studio.
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