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 Asian Development Bank (ADB) has revised its outlook for the economies of Central Asia and the Caucasus by raising its growth forecast for 2026...
Ukraine has handed the United States a revised 20-point peace proposal aimed at ending the war with Russia, a Ukrainian official said on Thursday, 11 ...
Putin’s visit to India has put the spotlight on New Delhi’s evolving defence strategy as it seeks to modernise Russian-made systems with domestic ...
Former French President Nicolas Sarkozy has released his book, "Diary of a Prisoner" ("Le Journal d’un Prisonnier"), on his time in jail following h...
U.S. President Donald Trump has formally launched a scheme offering fast-tracked U.S. visas to foreigners who can pay at least $1 million — or compa...
The Asian Development Bank (ADB) has revised its outlook for the economies of Central Asia and the Caucasus by raising its growth forecast for 2026
Ukraine has handed the United States a revised 20-point peace proposal aimed at ending the war with Russia, a Ukrainian official said on Thursday, 11 December.
The leaders of Britain, France and Germany held a call with U.S. President Donald Trump on Wednesday (10 December) to discuss Washington's latest peace efforts to end the war in Ukraine, in what they said was a "critical moment" in the process.
Central Asia has been one of the important arenas of international geopolitics, dictating power dynamics with its abundant natural resources and strategic location.
Scores of demonstrators gathered outside the Norwegian Nobel Institute in Oslo Tuesday (9 December) to protest against the awarding of this year’s Nobel Peace Prize to Venezuelan opposition leader Maria Corina Machado.
Iran and Saudi Arabia reiterated their commitment to enhance ties following a joint meeting with China in Tehran on Tuesday to follow up on implementation of the 2023 Beijing Agreement which resulted in resumption of their diplomatic relations after eight years.
The world’s leading minds and voices will be honoured on Wednesday, 10 December, the anniversary of Alfred Nobel’s death, as Nobel Prizes are presented in Stockholm and Oslo.
In a dramatic Champions League clash at Baku’s Tofiq Bahramov Stadium, Qarabağ grabbed an early lead, but Ajax staged a thrilling comeback to win 4-2.
Ukraine "deeply appreciates" the humanitarian support of Pope Leo XIV. This was stated by Ukrainian President Volodymyr Zelenskyy after a meeting between the two at the papal residence of Castel Gandolfo, on Tuesday, 9 December.
Ukraine has handed the United States a revised 20-point peace proposal aimed at ending the war with Russia, a Ukrainian official said on Thursday, 11 December.
Putin’s visit to India has put the spotlight on New Delhi’s evolving defence strategy as it seeks to modernise Russian-made systems with domestic production. At the same time, India is carefully navigating its ties with the U.S. and Europe ahead of key diplomatic visits.
Former French President Nicolas Sarkozy has released his book, "Diary of a Prisoner" ("Le Journal d’un Prisonnier"), on his time in jail following his conviction. .
U.S. President Donald Trump has formally launched a scheme offering fast-tracked U.S. visas to foreigners who can pay at least $1 million — or companies willing to spend $2 million to sponsor a worker they want to bring into the country.
The U.S. House of Representatives on Wednesday advanced the National Defense Authorization Act, the NDAA, for the next fiscal year, with broad bipartisan support.
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