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.
A magnitude 5.8 earthquake struck southwest of Greece’s island of Crete on Saturday, with no immediate reports of damage....
At least 10 people have been killed in Israeli strikes on Lebanon, Beirut's state news agency has said. The wave of attacks come despite a ceasefire ...
One person died after two freight trains collided on a bridge in Munich in the early hours of Saturday, causing two carriages to derail and crash onto...
At least seven people were killed and several others injured after two roadside bombs exploded in quick succession in northwest Pakistan on Saturday ...
Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for ve...
One person died after two freight trains collided on a bridge in Munich in the early hours of Saturday, causing two carriages to derail and crash onto the street below, police said.
At least seven people were killed and several others injured after two roadside bombs exploded in quick succession in northwest Pakistan on Saturday (20 June), according to local police.
Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for veteran forward Miguel Almirón.
Türkiye's World Cup campaign came to a painful end on Friday as they suffered a 1-0 defeat to Paraguay despite dominating large parts of their Group D clash.
One person was killed and dozens injured after two passenger trains collided near Bedford in central England on Friday, prompting a major emergency response, British Transport Police said.
Morocco captain and PSG defender Achraf Hakimi will face trial in France after an appeals court ruled there was enough evidence for the case to proceed.
Israel and Hezbollah have agreed to a ceasefire, a senior U.S. official has said. Hezbollah has released a statement saying Israel must leave southern Lebanon. Israel has said it agrees to the ceasefire, but has said its armed forces won't leave Lebanon and will resume hostilities if attacked.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statement on social media. Khamenei added that he himself "held a different view," to Trump, but allowed the agreement after receiving assurances from Iran's President.
Russia's defence ministry says its forces have captured the village of Yurkivka in Ukraine's eastern Donetsk region, according to the Interfax news agency. The claim could not be independently verified.
Media leaders from across Europe gathered in Vienna this week for the annual European Publishing Congress.
Amazon founder Jeff Bezos has said artificial intelligence will ultimately lead to labour shortages rather than widespread unemployment, pushing back against growing fears that AI will replace human workers.
French department store BHV and online fast-fashion retailer Shein have ended their partnership, seven months after the launch of a permanent Shein shop in Paris triggered controversy and widespread criticism.
China’s retail sales fell for the first time in more than three years in May, while urban investment contracted more than expected, signaling further weakness in the world’s second-largest economy.
Macao opened the 17th International Infrastructure Investment and Construction Forum on Thursday, with officials and industry leaders highlighting the role of green and digital technologies in strengthening global infrastructure connectivity.
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