Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
Brent crude futures fell 13 cents, or 0.19%, to $67.64 a barrel by 0344 GMT, ahead of the August contract's expiry later on Monday. The more active September contract was at $66.62, down 18 cents.
U.S. West Texas Intermediate crude dropped 32 cents, or 0.49%, to $65.2 a barrel.
Last week, both benchmarks posted their biggest weekly decline since March 2023, but they are set to finish higher in June with a second consecutive monthly gain of more than 5%.
A 12-day war that started with Israel targeting Iran's nuclear facilities on 13 June pushed up Brent prices, which surged above $80 a barrel after the U.S. bombed Iran's nuclear facilities and then slumped to $67 after President Donald Trump announced an Iran-Israel ceasefire.
The market has stripped out most of the geopolitical risk premium built into the price following the Iran-Israel ceasefire, IG markets analyst Tony Sycamore said in a note.
Further weighing on the market, four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following similar-sized output increases for May, June and July.
OPEC+ is set to meet on 6 July and this would be the fifth monthly increase since the group started unwinding production cuts in April.
However, bearish pressure from concerns over slower global oil demand, particularly from China, is likely to persist.
Uncertainty around global growth continues to cap prices, said Priyanka Sachdeva, senior market analyst at Phillip Nova.
China's factory activity contracted for a third straight month in June, as weak domestic demand and faltering exports weighed on manufacturers amid U.S. trade uncertainty.
The Iran-U.S.-Israel conflict is escalating further with missile and drone attacks, expanded strikes on key infrastructure, and growing regional fa...
Kazakhstan remains among the least dependent countries in Central Asia on Chinese capital, maintaining a diversified external debt structure and gr...
Heavy rain, flash floods and lightning strikes across Afghanistan have killed 28 people and destroyed hundreds of homes in Kabul, Herat and other p...
Some 20,000 seafarers remain stranded on around 2,000 ships in the Strait of Hormuz amid the ongoing Middle East conflict, in what has been describ...
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 G...
The escalation of conflict involving the United States, Israel, and Iran since 28 February 2026 has moved beyond a regional security crisis to become a systemic shock to the global economy and our pockets.
China is raising domestic petrol and diesel prices under temporary measures to manage a sharp surge in global oil costs, aiming to support fuel suppliers while maintaining market stability during a period of heightened volatility.
Member countries of the International Energy Agency have unanimously agreed to release 400 million barrels of oil from emergency reserves to stabilise global markets disrupted by the war involving Iran.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
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.
A senior Iranian military officer warned that American troops will become ‘food for sharks’ on Sunday if the U.S. launches a ground offensive in Iran. The threat came as contingents of U.S. Marines began to arrive in the Middle East, with thousands expected to be deployed in the region.
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 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