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’s Secretary of Supreme National Security Council (SNSC) Ali Larijani and a senior advisor to Supreme Leader Ayatollah Seyed Ali Khamenei submit...
Heads of security and intelligence agencies from the Commonwealth of Independent States (CIS) convened in Samarkand on October 16 for the 57th meeting...
The brother of the man who carried out the 2017 Manchester Arena suicide bombing has denied trying to kill three prison officers in jail where he is s...
The United Nations (UN) World Food Programme said on Friday it has brought about 560 tonnes of food per day on average into Gaza since the Israel-Hama...
A senior Kremlin envoy has proposed building an undersea “Putin–Trump Tunnel” connecting Russia’s Chukotka region with Alaska — a symbolic m...
Iran’s Secretary of Supreme National Security Council (SNSC) Ali Larijani and a senior advisor to Supreme Leader Ayatollah Seyed Ali Khamenei submitted his message to Russian President Vladimir Putin in Kremlin amid a flurry of momentous bilateral, regional and international developments.
Heads of security and intelligence agencies from the Commonwealth of Independent States (CIS) convened in Samarkand on October 16 for the 57th meeting of the Council of Heads of Security and Special Service Agencies.
The brother of the man who carried out the 2017 Manchester Arena suicide bombing has denied trying to kill three prison officers in jail where he is serving a life sentence.
The United Nations (UN) World Food Programme said on Friday it has brought about 560 tonnes of food per day on average into Gaza since the Israel-Hamas ceasefire took effect, but that still fell short of the scale of need in the region.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
Wall Street closed lower on Thursday as renewed concerns about regional banks and intensifying U.S.-China trade tensions weighed on investor sentiment, pulling major indexes off recent record highs.
Giorgio Armani's deputy managing director, Giuseppe Marsocci, is set to be appointed chief executive of the Italian fashion house, a source said on Thursday, confirming a local media report.
Tesla has told the Delaware Supreme Court that Elon Musk’s $56 billion pay package should have been restored last year through a shareholder vote, as the company appeals a lower court ruling that rescinded the CEO’s record compensation.
Wall Street closed sharply higher on Monday, led by gains in Broadcom and other chipmakers, as investors were reassured by U.S. President Donald Trump’s conciliatory tone on renewed U.S.-China trade tensions.
Lawyers warn that the case could eventually involve up to 1.8 million UK drivers across 14 brands, potentially making it the largest consumer class action in British legal history.
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