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.
U.S. President Donald Trump today celebrated a potential turning point in regional tensions, declaring "CONGRATULATIONS WORLD, IT’S TIME FOR PEACE!" in a post on Truth Social.
Moments ago, Iran launched missiles at Qatar. Explosions have been heard in Doha and across the country.
Iran’s Supreme Leader Ali Khamenei issued his first statement following Tehran’s retaliatory missile strike on the U.S. Al Udeid Air Base in Qatar.
U.S. President Donald Trump rejects claims that recent American strikes on Iranian nuclear facilities had limited effect, declaring the sites were "totally destroyed."
Gulf states and Iraq remain on high alert amid fears of Iranian retaliation following recent U.S. airstrikes.
U.S. President Donald Trump today celebrated a potential turning point in regional tensions, declaring "CONGRATULATIONS WORLD, IT’S TIME FOR PEACE!" in a post on Truth Social.
Iran’s Supreme Leader Ali Khamenei issued his first statement following Tehran’s retaliatory missile strike on the U.S. Al Udeid Air Base in Qatar.
U.S. President Donald Trump rejects claims that recent American strikes on Iranian nuclear facilities had limited effect, declaring the sites were "totally destroyed."
Moments ago, Iran launched missiles at Qatar. Explosions have been heard in Doha and across the country.
Gulf states and Iraq remain on high alert amid fears of Iranian retaliation following recent U.S. airstrikes.
Moments ago, Iran launched missiles at Qatar. Explosions have been heard in Doha and across the country.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
U.S. President Donald Trump today celebrated a potential turning point in regional tensions, declaring "CONGRATULATIONS WORLD, IT’S TIME FOR PEACE!" in a post on Truth Social.
Iran’s Supreme Leader Ali Khamenei issued his first statement following Tehran’s retaliatory missile strike on the U.S. Al Udeid Air Base in Qatar.
U.S. President Donald Trump rejects claims that recent American strikes on Iranian nuclear facilities had limited effect, declaring the sites were "totally destroyed."
Gulf states and Iraq remain on high alert amid fears of Iranian retaliation following recent U.S. airstrikes.
Ukrainian President Volodymyr Zelenskyy met King Charles at Windsor Castle on Monday during a short visit to the UK aimed at strengthening defense ties and increasing pressure on Russia.
U.S. President Donald Trump today celebrated a potential turning point in regional tensions, declaring "CONGRATULATIONS WORLD, IT’S TIME FOR PEACE!" in a post on Truth Social.
Iran’s Supreme Leader Ali Khamenei issued his first statement following Tehran’s retaliatory missile strike on the U.S. Al Udeid Air Base in Qatar.
U.S. President Donald Trump rejects claims that recent American strikes on Iranian nuclear facilities had limited effect, declaring the sites were "totally destroyed."
Moments ago, Iran launched missiles at Qatar. Explosions have been heard in Doha and across the country.
Gulf states and Iraq remain on high alert amid fears of Iranian retaliation following recent U.S. airstrikes.
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