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.
The claim that U.S. President Donald Trump's intervention stopped the execution of 800 detainees is "completely false", said prosecutor-general of Ira...
The Turkish Defence Ministry has called for the Syrian Democratic Forces (SDF)’s “unconditional compliance” with the 18 January ceasefire agreem...
The United Nations nuclear watchdog must clarify its stance on U.S. and Israeli attacks on Iran's nuclear sites last June that lasted 12 days, before ...
SOCAR’s Carbamide plant in Sumgayit has been recognised by the World Economic Forum (WEF) as a Global Lighthouse site, marking Azerbaijan’s first ...
In the snowy peaks of Davos, where the world’s most powerful leaders gather for the 56th World Economic Forum, a new narrative is emerging that chal...
The claim that U.S. President Donald Trump's intervention stopped the execution of 800 detainees is "completely false", said prosecutor-general of Iran, Mohammad Movahedi on Friday (23 January). According to him, the number cited by Trump does not exist and the judiciary has made no such decision.
The Turkish Defence Ministry has called for the Syrian Democratic Forces (SDF)’s “unconditional compliance” with the 18 January ceasefire agreement between the Kurdish-led militant group and Damascus.
SOCAR’s Carbamide plant in Sumgayit has been recognised by the World Economic Forum (WEF) as a Global Lighthouse site, marking Azerbaijan’s first inclusion in the Forum’s flagship Industry 4.0 network.
Turkish President Recep Tayyip Erdoğan has told his Iranian counterpart Masoud Pezeshkian that Türkiye opposes any form of foreign intervention in Iran, as protests and economic pressures continue to fuel tensions in the Islamic republic.
Qarabağ claimed a late 3–2 victory over Eintracht Frankfurt in the UEFA Champions League on Wednesday night, scoring deep into stoppage time to secure a dramatic home win in Baku.
Russian President Vladimir Putin said on Wednesday that Moscow could pay $1 billion from Russian assets frozen abroad to secure permanent membership in President Donald Trump’s proposed ‘Board of Peace’.
President Donald Trump said on Thursday that the United States has an "armada" heading toward Iran but hoped he would not have to use it, as he renewed warnings to Tehran against killing protesters or restarting its nuclear programme.
A commuter train collided with a construction crane in southeastern Spain on Thursday (22 January), injuring several passengers, days after a high-speed rail disaster in Andalusia killed at least 43 people.
Turkish President Recep Tayyip Erdoğan has told his Iranian counterpart Masoud Pezeshkian that Türkiye opposes any form of foreign intervention in Iran, as protests and economic pressures continue to fuel tensions in the Islamic republic.
In the snowy peaks of Davos, where the world’s most powerful leaders gather for the 56th World Economic Forum, a new narrative is emerging that challenges the current dominance of artificial intelligence (AI).
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 23th of January, covering the latest developments you need to know.
The United States officially left the World Health Organization on 22 January, triggering a financial and operational crisis at the United Nations health agency. The move follows a year of warnings from global health experts that a U.S. exit could undermine public health at home and abroad.
Jared Kushner, U.S. President Donald Trump’s senior adviser, unveiled plans for a “New Gaza” on 23 January in Davos. The initiative to rebuild the war‑torn territory with residential, industrial, and tourism zones accompanies the launch of Trump’s Board of Peace to end the Israel-Hamas war.
TikTok’s Chinese owner, ByteDance, has finalised a deal to create a majority American-owned joint venture that will secure U.S. user data, safeguarding the popular short-video app from a potential U.S. ban. The move comes after years of political and legal battles over national security concerns.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment