Oil prices fell below the key $70 per barrel mark last week as increased output from OPEC+ eased supply concerns, while renewed U.S. tariff threats under President Donald Trump weighed on global demand expectations.
Brent crude settled at $68.60 per barrel on Friday, down 2% for the week, while West Texas Intermediate fell 2.3% to $66. Increased production from OPEC+ was a major factor, with the group’s June output rising by 220,000 barrels per day to 27.023 million bpd. The wider OPEC+ alliance raised production by 349,000 bpd to 41.56 million bpd.
OPEC maintained its 2025 demand forecast of 105.13 million bpd, expecting a 1.3 million bpd increase this year. However, analysts warn that stable demand alongside rising supply has deepened fears of a surplus, putting downward pressure on prices.
The mood was further affected after President Trump announced new 30% tariffs on all imports from the European Union, escalating trade tensions. The tariffs take effect on 1 August and add to existing sector-specific duties.
Neil Crosby, senior oil analyst at Sparta, said that macroeconomic concerns such as high U.S. inflation and trade frictions are weighing on prices. He expects oil to hover around the $70 mark unless more drastic events occur, noting geopolitical risks in Iran could push prices higher.
Osama Rizvi from Primary Vision noted that OPEC+ is producing above its quota by 830,000 bpd, while U.S. supply remains strong despite lower prices. Demand remains weak, as shown by rising U.S. distillate stockpiles during the summer driving season. He forecasts prices will stay mostly between $66 and $68 for the rest of the year.
Palash Jain, Middle East oil market expert at Facts Global Energy, said prices will continue to fluctuate within the $66 to $70 range. Although market fundamentals suggest upward pressure, Trump’s tariff threats keep a lid on any sharp price rises.
The Iran-U.S.-Israel conflict is escalating further with missile and drone attacks, expanded strikes on key infrastructure, and growing regional fa...
A man previously convicted of spying on Türkiye has been arrested by Turkish and Syrian authorities after more than a decade on the run, Turki...
Afghanistan’s Ministry of Mines and Petroleum says around 25 kilometres of the TAPI gas pipeline have been laid in Herat province, as work co...
Three Armenian citizens have been charged following an alleged attempt to attack Prime Minister Nikol Pashinyan at St Anna Cathedral in Yerevan on ...
HHungary’s foreign minister has been drawn into controversy after an audio recording, released by ...
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
Oil prices climbed on Wednesday, maintaining their highest levels since 23 June, lifted by recent attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
U.S. President Donald Trump has said that the U.S is in talks with the new Iranian regime. He said this in a post on his Truth Social account but warned that the U.S. will "Obliterate" Iran's electric and oil facilities if no deal is reached, especially regarding the Strait of Hormuz closure.
NASA is aiming to launch its Artemis 2 mission on Wednesday (1 April), sending astronauts on a 10-day journey around the Moon, officials confirmed. According to the Space Administration, the launch window is due to open at 23:24 GMT, with additional opportunities to 6 April if delays occur.
The Iran-U.S.-Israel conflict is escalating further with missile and drone attacks, expanded strikes on key infrastructure, and growing regional fallout. At the same time, diplomatic efforts to de-escalate began to emerge amid rising global energy and security concerns.
The Israeli military said on Monday that Iran launched multiple waves of missiles at Israel, and an attack had also been launched from Yemen for the second time since the U.S.-Israeli war began on Tehran. It said two drones from Yemen were intercepted early 30 March but gave no further details.
The war in Iran has rapidly upended regional security, triggering spillover across the Middle East and raising fears of wider economic disruption that could threaten globalisation.
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.
World Trade Organization (WTO) talks broke up with no agreement on Monday on a plan for reform or even on extending a moratorium on e-commerce, piling more pressure on the trade body that finds itself increasingly sidelined by economic nationalism.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment