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 open to listening to new proposals on how to reach a settlement on the Ukraine conflict, a senior Russian diplomat said, but any proposals should reflect the "realities on the ground".
Iran on Saturday denounced U.S. plans to announce new sanctions that could put further strain on the Islamic Republic's economy and have an impact on its most important trading partners including China.
A large-scale drone attack has hit Russia's Samara region, damaging facilities and disrupting operations at an Ozon logistics complex, according to regional authorities and the company.
Nordic and Baltic leaders arrived in Kyiv for Ukraine’s Flag Day on Sunday as Russia continued its drone campaign and Kyiv warned of a potential new Russian mobilisation.
U.S. President Donald Trump said Iran was not ready to make what he called the "right deal" with Washington as tensions persisted over the war and the Strait of Hormuz.
Nordic and Baltic leaders arrived in Kyiv for Ukraine’s Flag Day on Sunday as Russia continued its drone campaign and Kyiv warned of a potential new Russian mobilisation.
Syria expects negotiations with Israel over a security agreement to resume soon despite deep mistrust between the two sides, Syrian Foreign Minister Asaad al-Shaibani said in an interview with Reuters, urging Israel to seize an "historic opportunity" as the door for diplomacy is open.
India's Coast Guard and Navy continued search-and-rescue operations off the eastern coast on Sunday after a Panama-flagged cargo vessel carrying 24 crew sank, with two Chinese nationals rescued, a senior official said.
Taiwan President Lai Ching-te has called for continued military strength and national unity during a visit to the sensitive frontline island of Kinmen, saying peace must be protected "through strength."
The European Union’s Civil Protection Mechanism sent helicopters and firefighters to help Serbia fight a massive wildfire in a nature reserve in the northeast of the country, the head of the European Union mission to Belgrade said.
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