Nov 25 (Reuters) - Oil prices steadied on Monday following 6% gains last week, with mounting tensions between Western powers and major oil producers Russia and Iran raising fears of supply disruptions and keeping a floor under prices.
Brent crude futures fell 0.34%, or 26 cents, to $74.91 a barrel by 0931 GMT, while U.S. West Texas Intermediate crude futures were at $70.89 a barrel, down 35 cents, or 0.49%.
Both contracts last week notched their biggest weekly gains since late September after Russia fired a hypersonic missile at Ukraine in a warning to the United States and Britain following strikes by Kyiv on Russia using U.S. and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed's policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
In addition, Iran reacted to a resolution passed by the U.N. nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The likelihood for removal of some Iranian supplies has increased following the censure of Iran over its nuclear programme and the regime's agreement to hold talks suggests that the U.S. will enforce sanctions – this could remove around 1mmbopd of supply," said Panmure Liberum analyst Ashley Kelty.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear programme with three European powers on Nov. 29.
Markets are also expected to move this week ahead of the OPEC+ meeting on Dec.1, where the group may stick with deep oil cuts for longer due to weak demand.
"The OPEC+ summit on December 1, will further postpone the start of the planned production increases until February. Pushing back the start until Q2 or later is another possibility that would add even more support," said Tim Evans, an independent energy analyst.
Investors were also focused on rising crude oil demand in China.
China's crude imports rebounded in November as lower prices drew stockpiling demand. Chinese crude imports are likely to be further lifted by an additional import quota of at least 5.84 million metric tons (116,800 bpd) issued to independent refiners for cargoes arriving into next year, people familiar with the situation said on Monday.
Iraq’s oil minister has voiced concerns over two major energy deals worth $110 billion signed by the Kurdistan region, stressing that such agreements should be authorized by the federal government.
Eight OPEC+ nations submit revised plans after breaching production limits.
Shell has signed a deal with Bulgaria to explore 4,000 sq km in the Black Sea for oil and gas, as Sofia seeks to diversify energy sources. The move follows a similar agreement with OMV Petrom and NewMed Energy last month.
Crude oil prices inched higher on global exchanges, reflecting cautious optimism amid ongoing market fluctuations.
Tehran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2025) that will be held from May 8 to 11 is set to become the largest energy trade event in West Asia, - said Iran’s Deputy Oil Minister for International Affairs and Trade.
Türkiye’s first floating natural gas production platform, Osman Gazi, reached Filyos Port in Zonguldak on May 31.
Authorities in Whatcom County, Washington, issued a warning Friday after a truck carrying honey bee hives overturned near the Canadian border, initially prompting fears that millions of bees had been released.
German Chancellor Friedrich Merz will travel to Washington next week to meet U.S. President Donald Trump.
Landslides and flash floods caused by days of heavy monsoon rain have killed at least 22 people in India’s northeast, officials said.
Cambodian Prime Minister Hun Manet said Saturday that the border conflict with Thailand “must be resolved with patience and through legal and diplomatic channels.”
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
An international academic conference titled "Islamophobia: Exposing Prejudice and Destroying Stigma" has officially opened in the capital of Azerbaijan, bringing together global scholars, experts, and policymakers to address the rise and consequences of anti-Muslim discrimination.
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
U.S. stocks wrapped up the week with a mixed finish after President Donald Trump accused China of breaking a recent trade agreement, reigniting global market jitters just weeks after a deal was struck in Geneva.
Volkswagen is negotiating directly with the U.S. government to ease tariffs in exchange for deeper investment commitments.
Wall Street futures slipped as a surprise court ruling brought back most of Trump-era tariffs, shaking investor confidence heading into month-end.
Model Hailey Bieber is selling her skincare brand Rhode to e.l.f. Beauty in a deal worth up to $1 billion (£790 million), with plans for international expansion and continued viral success.
Türkiye’s first floating natural gas production platform, Osman Gazi, reached Filyos Port in Zonguldak on May 31.
Authorities in Whatcom County, Washington, issued a warning Friday after a truck carrying honey bee hives overturned near the Canadian border, initially prompting fears that millions of bees had been released.
German Chancellor Friedrich Merz will travel to Washington next week to meet U.S. President Donald Trump.
Landslides and flash floods caused by days of heavy monsoon rain have killed at least 22 people in India’s northeast, officials said.
Cambodian Prime Minister Hun Manet said Saturday that the border conflict with Thailand “must be resolved with patience and through legal and diplomatic channels.”
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