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.
AnewZ has launched dedicated Azerbaijani-language digital platforms, making its journalism more accessible to Azerbaijani-speaking audiences....
The 4th Shusha Global Media Forum gets underway on 13 July in Azerbaijan under the theme "The Mission of the Media in Promoting Peace: Restoring Truth...
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claim...
AnewZ has launched dedicated Azerbaijani-language digital platforms, making its journalism more accessible to Azerbaijani-speaking audiences.
The 4th Shusha Global Media Forum gets underway on 13 July in Azerbaijan under the theme "The Mission of the Media in Promoting Peace: Restoring Truth and Rebuilding Trust". The event brings together nearly 160 media leaders, experts and officials from 53 countries.
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claims it has once again closed the Strait of Hormuz, a vital global shipping route.
At least six people, including a nine-year-old girl, were killed in Israeli attacks across the Gaza Strip on Sunday, 12 July, Palestinian health officials said.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
The U.S. has launched fresh strikes on Iran after Tehran targeted a container ship and said it had again closed the Strait of Hormuz. Iran also claimed to have expanded attacks on U.S. military facilities across the Gulf.
Iran's Supreme Leader, Mojtaba Khamenei, has promised to avenge the killing of his father, while U.S. President Donald Trump said Tehran and Washington had agreed to continue talks despite an escalation of hostilities this week.
Typhoon Bavi, the strongest storm to hit the eastern coast of mainland China this year, brought heavy rain, strong winds, flooding and landslides after making landfall in Zhejiang province on Sunday. More than 2.8 million people were evacuated to safety ahead of the storm.
China has maintained its highest-level rainstorm warning after Typhoon Bavi made landfall on the country's eastern coast, urging large-scale evacuations and emergency preparations across several provinces amid fears of severe flooding and landslides
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claims it has once again closed the Strait of Hormuz, a vital global shipping route.
The 4th Shusha Global Media Forum gets underway on 13 July in Azerbaijan under the theme "The Mission of the Media in Promoting Peace: Restoring Truth and Rebuilding Trust". The event brings together nearly 160 media leaders, experts and officials from 53 countries.
Russia and Ukraine reported fresh attacks across multiple fronts over the weekend, with both sides claiming military gains and targeting key infrastructure as the war showed no signs of easing.
Germany is funding the purchase of 50,000 attack drones for Ukraine. The move marks one of the largest publicly reported drone procurement programmes by a Western government since the start of Russia's full-scale invasion.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
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