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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The Syrian army and the U.S.-backed Syrian Democratic Forces (SDF) reached a ceasefire deal in two districts of Aleppo city, Syria's state news agency SANA reported on Tuesday, following a spike in tensions between the two sides.
North Korean leader Kim Jong Un has pledged to further strengthen his country’s alliance with Russia, in a letter to President Vladimir Putin marking his birthday and praising his leadership.
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Heads of state are due to start arriving in the Amazonian city of Belém in a month’s time for the United Nations climate summit, yet much of the infrastructure intended to welcome them remains incomplete.
The Syrian army and the U.S.-backed Syrian Democratic Forces (SDF) reached a ceasefire deal in two districts of Aleppo city, Syria's state news agency SANA reported on Tuesday, following a spike in tensions between the two sides.
Brazilian President Luiz Inacio Lula da Silva and U.S. President Donald Trump agreed to meet in person following a friendly video call on Monday, raising hopes of improving relations strained by tariffs and political disputes.
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North Korean leader Kim Jong Un has pledged to further strengthen his country’s alliance with Russia, in a letter to President Vladimir Putin marking his birthday and praising his leadership.
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