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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Gaziantep’s Panorama 25 December Museum, which commemorates the city’s resistance during Türkiye’s War of Independence, continues to attract strong public interest, with nearly 1.5 million visitors recorded in the five years since it opened.
Armenia will start construction work on the Trump Route for International Peace and Prosperity (TRIPP) project in the second half of 2026, Foreign Minister Ararat Mirzoyan said on Sunday, as economic dialogue with Azerbaijan advances.
Armenia is considering the possibility of exporting goods to Azerbaijan, as discussions between the two countries continue over potential trade supplies, officials said.
The fate of the Zaporizhzhia nuclear power plant has become one of the most contentious issues in U.S. President Donald Trump’s proposed peace plan to end the war in Ukraine, underscoring the complex mix of security, sovereignty and energy concerns surrounding Europe’s largest nuclear facility.
New York placed the state under emergency measures on Friday as a powerful winter storm brought the heaviest snowfall since 2022, disrupting travel across the north-east of the United States.
A 7.0 magnitude earthquake struck offshore near Taiwan’s north-eastern county of Yilan late on Saturday, shaking buildings across the island, including in the capital Taipei, authorities said.
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Gaziantep’s Panorama 25 December Museum, which commemorates the city’s resistance during Türkiye’s War of Independence, continues to attract strong public interest, with nearly 1.5 million visitors recorded in the five years since it opened.
Armenia will start construction work on the Trump Route for International Peace and Prosperity (TRIPP) project in the second half of 2026, Foreign Minister Ararat Mirzoyan said on Sunday, as economic dialogue with Azerbaijan advances.
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The fate of the Zaporizhzhia nuclear power plant has become one of the most contentious issues in U.S. President Donald Trump’s proposed peace plan to end the war in Ukraine, underscoring the complex mix of security, sovereignty and energy concerns surrounding Europe’s largest nuclear facility.
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