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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Nuclear negotiations between the United States and Iran in Geneva have been described as “positive”, according to a report by Axios citing a U.S. official.
The United States is expected to deploy six additional aerial refuelling aircraft to Israel as Washington continues to strengthen its military presence in the Middle East while nuclear negotiations with Iran remain under way.
Russian President Vladimir Putin’s special envoy, Kirill Dmitriev, arrived in Geneva and may hold talks with U.S. officials, according to the RIA news agency.
Ankara has rejected media reports claiming it plans to deploy military forces into Iranian territory in the event of a U.S. attack on the Islamic republic.
A F-16 fighter jet of the Turkish Air Force crashed near a highway in western Türkiye early on Wednesday (25 February), killing its pilot, officials and media reports confirmed.
Chinese President Xi Jinping and German Chancellor Friedrich Merz agreed on Wednesday in Beijing to strengthen economic cooperation while addressing trade imbalances, market access concerns, and the war in Ukraine, during Merz’s first official visit to China since taking office.
U.S. President Donald Trump declared a “golden age” for America in his first second-term State of the Union on Tuesday evening, delivering the longest-ever address at more than 90 minutes. Here are the main takeaways.
President Donald Trump delivered the first State of the Union address of his second term to Congress on Wednesday (25 February), declaring that America’s “golden age” had begun and that the country was experiencing a “turnaround for the ages.”
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 25th of February, covering the latest developments you need to know.
Nuclear negotiations between the United States and Iran in Geneva have been described as “positive”, according to a report by Axios citing a U.S. official.
The United States is expected to deploy six additional aerial refuelling aircraft to Israel as Washington continues to strengthen its military presence in the Middle East while nuclear negotiations with Iran remain under way.
Former U.S. Secretary of State Hillary Clinton said on Thursday (26 February) that she had no information about the criminal activities of Jeffrey Epstein and urged lawmakers to question President Donald Trump under oath about the disgraced financier.
Denmark will hold a parliamentary election on 24 March, Prime Minister Mette Frederiksen announced on Thursday (26 February), as she seeks to capitalise on a surge in support for her defiant stance against U.S. pressure over Greenland.
Russian President Vladimir Putin’s special envoy, Kirill Dmitriev, arrived in Geneva and may hold talks with U.S. officials, according to the RIA news agency.
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