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.
The first African leaders’ summit of US President Donald Trump’s second term is set to take place next week in Washington, with heads of state fro...
The US decision to halt shipments of critical military supplies to Ukraine has been met with concern in Kyiv. Ukrainian officials warn that the move w...
A widespread wildfire erupted on the popular tourist destination of Crete on Wednesday, threatening homes and forcing the evacuation of residents and ...
The US State Department has reiterated its support for Israel’s security decisions following calls by senior Israeli ministers to annex the occupied...
Member countries of South America’s leading trade bloc, Mercosur, have reached an agreement to broaden exemptions to common external tariffs, Argent...
The first African leaders’ summit of US President Donald Trump’s second term is set to take place next week in Washington, with heads of state from Western and Central African countries expected to attend, according to media reports.
The US decision to halt shipments of critical military supplies to Ukraine has been met with concern in Kyiv. Ukrainian officials warn that the move will significantly weaken the country’s ability to defend against intensifying airstrikes and battlefield advances.
A widespread wildfire erupted on the popular tourist destination of Crete on Wednesday, threatening homes and forcing the evacuation of residents and tourists from at least four settlements.
The US State Department has reiterated its support for Israel’s security decisions following calls by senior Israeli ministers to annex the occupied West Bank.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A multimodal cargo airport in Azerbaijan’s Alat Free Economic Zone (FEZ) is scheduled for commissioning in Q1 2027, the deputy head of the FEZ governing body Ismail Manafov announced.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund have signed a memorandum of understanding (MoU) to formalize a strategic partnership focused on advancing sustainable infrastructure in shared priority regions.
Tesla’s new car registrations plunged sharply in June, dropping 64.4% in Sweden and 61.6% in Denmark compared to last year, highlighting growing challenges for the U.S. electric vehicle maker in these Nordic markets.
More than $2.5 billion in new deals and commitments between the United States and African partners were announced at the 17th summit, underscoring the U.S. commitment to prioritizing trade over aid by engaging Africans as equal partners in investment-driven growth, the State Department announced.
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