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.
Britain’s Interior Minister Shabana Mahmood has announced sweeping reforms to the UK’s asylum and immigration system, signalling a significant shi...
Ukraine will begin importing gas from Greece to help meet its winter needs, President Volodymyr Zelenskyy announced on Sunday, saying the country is p...
Ukraine is working to restart prisoner exchanges with Russia, with officials hoping to secure the release of 1,200 Ukrainians, President Volodymyr Zel...
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U.S. President Donald Trump purchased at least $82 million in corporate and municipal bonds between late August and early October, including new inves...
Britain’s Interior Minister Shabana Mahmood has announced sweeping reforms to the UK’s asylum and immigration system, signalling a significant shift away from automatic paths to permanent residency for refugees.
Ukraine will begin importing gas from Greece to help meet its winter needs, President Volodymyr Zelenskyy announced on Sunday, saying the country is preparing nearly €2 billion in financing to compensate for domestic production losses caused by Russian strikes.
Ukraine is working to restart prisoner exchanges with Russia, with officials hoping to secure the release of 1,200 Ukrainians, President Volodymyr Zelenskyy and the head of the country’s National Security and Defence Council have announced.
President of the Republic of Azerbaijan Ilham Aliyev is taking part in the 7th Consultative Meeting of Central Asian Heads of State in the “Central Asia + Azerbaijan” format, which is being held in Tashkent, the capital of Uzbekistan.
Storm Claudia, which brought violent weather to Portugal, has resulted in the deaths of three people and left dozens injured, authorities reported on Saturday. Meanwhile, in Britain, rescue teams were organising evacuations due to heavy flooding in Wales and England.
Britain’s King Charles III marks his 77th birthday. Unlike his predecessors, King Charles treats his actual birthday, on 14 November, as his main moment of reflection. This year, King Charles visited Wales—a decision that coincides with the overall spirit of his first three years on the throne.
Japan urged China on Saturday to take "appropriate measures" after Beijing issued a warning to its citizens against travelling to Japan, amid an ongoing dispute over Taiwan.
U.S. President Donald Trump purchased at least $82 million in corporate and municipal bonds between late August and early October, including new investments in sectors benefiting from his policies, according to financial disclosures made public on Saturday.
Iran has strongly rejected as “unfounded and irresponsible” a joint statement by the foreign ministers of the Group of Seven (G7) about Tehran’s nuclear program and its alleged support of Russia in the war with Ukraine.
A federal jury in California ruled on Friday that Apple must pay $634 million to Masimo, a medical-monitoring technology company, for infringing a patent related to blood-oxygen reading technology.
Wall Street closed sharply lower on Thursday, dragged down by steep losses in Nvidia, Tesla, and other artificial-intelligence heavyweights, as investors dialed back expectations for further Federal Reserve interest-rate cuts amid renewed inflation concerns and mixed signals from policymakers.
Russia’s budget deficit reached 4.2 trillion rubles (around $51.9 billion) in the first ten months of 2025, driven by rising government spending, according to data from the Finance Ministry released on Tuesday.
Wall Street climbed sharply on Monday, with Nvidia up 5.8% and Palantir 8.8%, as artificial intelligence (AI) stocks rebound and progress in Congress raises hopes of ending the U.S. government shutdown.
Visa and Mastercard announce a $38 billion settlement with merchants over high swipe fees, including fee reductions, surcharges options, and eight-year caps on standard consumer cards, resolving a 20-year antitrust battle.
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