Oil prices dropped 1% on Monday after hitting five-month highs, as markets assessed the impact of U.S. strikes on Iran and potential risks to oil transit through the Strait of Hormuz.
Oil prices fell by about 1% on Monday, retreating from five-month highs as markets evaluated the risks to global oil transit after U.S. airstrikes on Iranian nuclear sites over the weekend. Brent crude futures dropped 70 cents to $76.31 per barrel, while U.S. WTI crude slipped 76 cents to $73.09.
Earlier in the day, both benchmarks had surged to $81.40 and $78.40 respectively, before fluctuating during the European session.
The price volatility followed U.S. President Donald Trump's announcement that American strikes had “obliterated” key Iranian nuclear sites in coordination with Israeli attacks, including new strikes on Tehran and the Fordow nuclear facility.
Shipping data indicated that at least two supertankers reversed course near the Strait of Hormuz amid the escalating conflict. While around 20% of global oil flows through the strait, analysts noted that a full closure remains unlikely due to the economic repercussions for Iran itself. However, asymmetric attacks on shipping remain a potential risk.
Despite no current supply disruption, analysts and investors remain cautious. HSBC projected Brent could briefly spike above $80 if the risk of closure grows but said prices may ease again if disruptions do not occur.
In Iraq, companies such as BP, TotalEnergies, and Eni evacuated some staff from oilfields as a precautionary measure, the Basra Oil Company reported.
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Russia is willing in principle to resume peace talks with Ukraine and the United States in November, Kremlin aide Yuri Ushakov said after President Vladimir Putin met U.S. special envoy Steve Witkoff in St Petersburg.
Russian strikes on Ukraine overnight killed at least two people and injured 15 others, including two children, Ukrainian authorities said. Meanwhile, Russia said it had intercepted the vast majority of 630 Ukrainian drones launched towards Moscow.
Saudi Aramco has ordered staff to evacuate its headquarters amid escalating Houthi attacks on the kingdom. Two people were killed in an attack on Dammam airport, while Iran's IRGC Navy claimed strikes on seven vessels and warned the U.S. of a wider response.
Yemen's Houthis have denied targeting the holy city of Medina on Wednesday adding that they have not conducted any military operations towards Saudi Arabia either, denying earlier comments from the Saudi-led coalition in Yemen.
Georgia’s Constitutional Court in Batumi will on Wednesday hear a lawsuit seeking to ban five Georgian opposition parties, four of which collectively gained 784,820 votes (37.79 per cent) in the country’s last national elections in 2024.
Almost all of Taiwan shut down on Friday ahead of the arrival of Typhoon Champi, which is forecast to bring strong winds and torrential rain, and though the storm is weakening it could still make direct landfall on the island.
U.S. President Donald Trump has signed an executive order expanding access to tax-exempt diesel as soaring fuel prices frustrate voters ahead of the midterm elections. But farmers say using the fuel on public roads is too risky, while many other drivers cannot get hold of it.
The FIFA U-20 World Cup 2027 will take place from 17 September to 9 October next year in Azerbaijan and Uzbekistan, FIFA President Gianni Infantino announced on Friday.
French President Emmanuel Macron said on Thursday that ‘illegitimate’ protests would be banned in the coming days. He blamed ‘seditious’ ultra-left groups and vandals for last weekend’s riots and looting, as authorities prepare for fresh demonstrations on Saturday.
Russian strikes on Ukraine overnight killed at least two people and injured 15 others, including two children, Ukrainian authorities said. Meanwhile, Russia said it had intercepted the vast majority of 630 Ukrainian drones launched towards Moscow.
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