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.
Cameroon concluded a weeklong training programme on Saturday for indigenous communities in artificial intelligence (AI), as part of activities marking...
Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdoğan spoke on 9 August, praising regional peace steps, new gas exports to Sy...
More than 1,000 aid packages have been airdropped over the Gaza Strip since the resumption of the international airdrop operation on 26 July, the Isra...
World leaders and international organisations have hailed the U.S.-brokered peace agreement between Azerbaijan and Armenia as a historic breakthrough,...
Afghan authorities have begun building a 50 million afghani canal in Panjshir province to improve irrigation, support farmers, and create 1,000 jobs, ...
Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdoğan spoke on 9 August, praising regional peace steps, new gas exports to Syria, and deepening bilateral ties.
More than 1,000 aid packages have been airdropped over the Gaza Strip since the resumption of the international airdrop operation on 26 July, the Israel Defense Forces (IDF) announced on Friday.
World leaders and international organisations have hailed the U.S.-brokered peace agreement between Azerbaijan and Armenia as a historic breakthrough, marking a decisive step toward stability and cooperation in the South Caucasus.
Afghan authorities have begun building a 50 million afghani canal in Panjshir province to improve irrigation, support farmers, and create 1,000 jobs, according to Tolonews.
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.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
De-dollarisation, the move away from the U.S. dollar in global trade and finance, is no longer a fringe idea. As geopolitical tensions rise and new financial tools emerge, could this shift really transform the global economy?
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
U.S. stock markets closed higher on Wednesday, with the Nasdaq leading gains after tech giants – particularly Apple – saw strong advances.
Global financial markets are trading mixed today amid U.S. President Donald Trump’s announcement of tariffs on drug and semiconductor imports, coupled with weak service sector data impacting investor risk appetite.
Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from electric cars to robotaxis and AI. The move revives elements of a controversial 2018 package previously struck down by a Delaware court.
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