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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Ukraine’s domestic security service, the SBU, says it struck a Russian Kilo‑class submarine in the Black Sea port of Novorossiysk, causing critical damage.
Anewz brings you the best videos of the day from around the world covering everything from uplifting events to updates in conflict zones.
The European Union’s interest in investing in regional connectivity projects in the South Caucasus, such as the Trump Route for International Peace and Prosperity (TRIPP) is driven by a need for strategic credibility and a tangible foreign policy success, according to a regional expert.
French senators on Monday approved a revised 2026 budget bill that the government warned could worsen the country’s fiscal deficit, setting the stage for tense negotiations between parliament’s two chambers later this week.
Russia’s human rights commissioner, Tatyana Moskalkova, has said that Ukraine has not provided Moscow with a list of thousands of children it alleges were taken illegally to Russia, despite the issue being discussed during talks in Istanbul.
Iranian authorities have seized a foreign tanker carrying more than 6 million litres of smuggled fuel in the Sea of Oman, detaining all 18 crew members on board.
An explosive device found in a vehicle linked to one of the alleged attackers in Bondi shooting has been secured and removed according to Police. The incident left 12 people dead.
The latest round of clashes between Thailand and Cambodia has left 15 Thai soldiers dead and 270 others injured, Thailand’s Ministry of Defence spokesman Surasant Kongsiri said at a press conference on Saturday.
Syrian President Ahmad al-Sharaa has offered condolences to President Donald Trump following an ISIS attack near the ancient city of Palmyra that killed two U.S. soldiers and a civilian interpreter, Syrian and U.S. officials said Sunday.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
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