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 said on Sunday (10 May) that it had sent its response to a U.S. proposal aimed at launching peace talks to end the war, as signs of tentative ...
Slovak Prime Minister Robert Fico has cited Azerbaijan as an example of what he described as a sovereign foreign policy, recalling rem...
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies a...
President Donald Trump called Iran’s response to a US war proposal “totally unacceptable” after Tehran sent its reply through med...
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing w...
Iran said on Sunday (10 May) that it had sent its response to a U.S. proposal aimed at launching peace talks to end the war, as signs of tentative movement emerged around the Strait of Hormuz despite renewed security incidents across the Gulf.
Slovak Prime Minister Robert Fico has cited Azerbaijan as an example of what he described as a sovereign foreign policy, recalling remarks made by President Ilham Aliyev during talks in Yerevan, where he sharply criticised resolutions adopted against his country by the European Parliament.
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing war in Ukraine, now in its fourth year.
Centre-right leader Péter Magyar was sworn in as Hungary’s prime minister on Saturday, propelled into office on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orbán.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
British paratroopers and military medics have been deployed to Tristan da Cunha after a suspected hantavirus case was confirmed, as first evacuation flights carrying passengers from the stricken MV Hondius cruise ship left Tenerife for Madrid and Paris.
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing war in Ukraine, now in its fourth year.
Indonesian rescue teams have located two Singaporeans who went missing after Mount Dukono erupted on Friday (8 May) on the island of Halmahera, though authorities say it remains unclear whether they are alive.
The U.S. Defense Department has released dozens of previously classified files on unidentified anomalous phenomena (UAP) on Friday (8 May), following an order from President Donald Trump. U.S. officials described as a push for “unprecedented transparency”.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
U.S. President Donald Trump has said he will raise tariffs on cars and trucks imported from the European Union to 25% next week, up from the 15% level agreed last year, accusing the bloc of failing to comply with its trade commitments.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
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