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.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes...
A tsunami of up to three meters (10 feet) could hit Japan’s northeastern coast following a powerful earthquake with an estimated magnitude of 7.6 th...
On December 8, an official welcome ceremony was held in Bratislava, the capital of Slovakia, in honor of President Ilham Aliyev of the Republic of Aze...
Tehran has protested to Washington because of the travel ban on its football team delegation as well as Iranian fans who would like to travel to the U...
On 10–11 December, President of the Islamic Republic of Iran Masoud Pezeshkian will pay an official visit to Astana....
Ukraine’s President Volodymyr Zelenskyy says recent talks with U.S. representatives on a possible peace plan were “constructive, although not easy,” as he prepares for new consultations with European leaders in the coming days.
Emergency crews were deployed to the northeastern Ukrainian city of Okhtyrka on Monday morning after a residential high-rise was devastated by a Russian drone barrage, leaving several civilians wounded as the conflict approaches the end of its fourth year.
Tensions between Washington and Tehran have found a new focal point regarding border control, as the Iranian government confirmed on Sunday that a fresh wave of nationals expelled from the United States is due to arrive within days.
Azerbaijan's Minister of Foreign Affairs Jeyhun Bayramov held both a tête-à-tête and an extended-format meeting with Seyed Abbas Araghchi, the Foreign Minister of Iran, in Baku on Monday (8 December).
A coup attempt by a “small group of soldiers” has been foiled in Benin after hours of gunfire struck parts of the economic capital Cotonou, officials said on Sunday.
A delayed local vote in the rural Honduran town of San Antonio de Flores has become a pivotal moment in the country’s tightest presidential contest, with both campaigns watching its results as counting stretches into a second week.
FIFA releases the 2026 World Cup schedule with match dates, venues, and key fixtures. See when host nations USA, Mexico, and Canada play and get an overview of group stage and knockout rounds.
A tsunami of up to three meters (10 feet) could hit Japan’s northeastern coast following a powerful earthquake with an estimated magnitude of 7.6 that occurred offshore on Monday, according to the Japan Meteorological Agency (JMA).
Lava fountains shot from Hawaii’s Kīlauea volcano from dawn to dusk on Saturday, with new footage showing intensifying activity at the north vent.
A tsunami of up to three meters (10 feet) could hit Japan’s northeastern coast following a powerful earthquake with an estimated magnitude of 7.6 that occurred offshore on Monday, according to the Japan Meteorological Agency (JMA).
Tehran has protested to Washington because of the travel ban on its football team delegation as well as Iranian fans who would like to travel to the United States for the upcoming World Cup matches in 2026.
On 10–11 December, President of the Islamic Republic of Iran Masoud Pezeshkian will pay an official visit to Astana.
The United Nations Security Council (UNSC) will hold a session on 10 December in New York to examine Afghanistan’s worsening human rights and humanitarian conditions, according to the United Nations Assistance Mission in Afghanistan (UNAMA).
Tensions between Washington and Tehran have found a new focal point regarding border control, as the Iranian government confirmed on Sunday that a fresh wave of nationals expelled from the United States is due to arrive within days.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment