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 and the U.S. have received a Pakistan-led ceasefire proposal, which Tehran has said is under review. The offer comes amid heightened tensions ...
Greek Prime Minister Kyriakos Mitsotakis has urged EU prosecutors to speed up their probe into politicians from his party who are under investigati...
Oil prices fell in choppy trading on Monday as investors awaited clarity on talks between the U.S. and Iran and remained cautious about sustained s...
Azerbaijan and Georgia’s leaders met on Monday (6 April) to strengthen ties as the Middle Corridor emerges as a key Asia–Europe link. T...
Afghanistan’s Minister of Mines and Petroleum, Hedayatullah Badri, has invited Turkish companies to invest in the country’s oil, gas an...
Iran and the U.S. have received a Pakistan-led ceasefire proposal, which Tehran has said is under review. The offer comes amid heightened tensions after Trump’s Hormuz threat and an Iranian missile strike on Israel that killed two people on Sunday. The U.S. has yet to react to the proposal.
Greek Prime Minister Kyriakos Mitsotakis has urged EU prosecutors to speed up their probe into politicians from his party who are under investigation for fraud. The EU has asked to investigate 11 conservative MPs who are currently protected by parliamentary immunity.
Afghanistan’s Minister of Mines and Petroleum, Hedayatullah Badri, has invited Turkish companies to invest in the country’s oil, gas and mining sectors following talks in Kabul with Türkiye’s Chargé d’Affaires, Sadin Ayyıldız.
Lebanese President Joseph Aoun urged the world on Sunday to step in and help halt the ongoing war between Israel and Lebanon, warning that diplomacy is the only way to end the conflict and ease civilian suffering.
The crew of Artemis II mission are entering a pivotal phase of their journey, as they prepare to swing around the Moon and head back towards Earth. Now on the fifth day of their 10-day mission, the four astronauts are already witnessing views no human has ever seen.
U.S. President Donald Trump threatened Iran's energy and transport infrastructure in a social media post containing expletives on Sunday (5 April), as he seperately gave Iran a deadline of Tuesday to reopen the Strait of Hormuz.
Iran and the U.S. have received a Pakistan-led ceasefire proposal, which Tehran has said is under review. The offer comes amid heightened tensions after Trump’s Hormuz threat and an Iranian missile strike on Israel that killed two people on Sunday. The U.S. has yet to react to the proposal.
The family of the late Virginia Giuffre have urged King Charles III to meet survivors of sexual abuse during his upcoming state visit to the United States.
India has purchased crude oil from Iran for the first time in seven years, as supply disruptions in the Middle East threaten global energy markets.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
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