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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Two Jewish men have been stabbed in London in an incident that British police are treating as a terrorist attack.
Armenia and Georgia will co-host the 2029 FIFA U-20 World Cup, the sport’s global governing body announced on Wednesday (29 April), bringing the youth tournament to the South Caucasus for the second consecutive edition after the 2027 event.
Former security chief Kamchybek Tashiev has been questioned in connection with an alleged attempt to seize power by force, Kyrgyz lawyer Sherdor Abdykaparov said.
Afghan and Russian officials have discussed expanding political, economic and security cooperation during talks in Kabul, Afghan ministries said.
President Donald Trump said on Sunday Iran could telephone if it wants to negotiate an end to their two-month war. Tehran said the U.S. should remove obstacles to a deal, including its blockade of Iran's ports. Meanwhile Iranian Foreign Minister Abbas Araghchi arrives in St Petersburg for talks.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
The death toll from a train collision near Indonesia’s capital Jakarta rose to 14 women on Tuesday (28 April), with 84 people injured, after rescuers completed efforts to free passengers trapped in the wreckage, the state rail operator said.
Mexican special forces arrested Audias Flores, known as “El Jardinero”, a senior commander of the powerful Jalisco New Generation Cartel (CJNG), during an operation in the western state of Nayarit, Security Minister Omar García Harfuch said on Monday (27 April).
Two Jewish men have been stabbed in London in an incident that British police are treating as a terrorist attack.
Reversing a decade of restrictions, New South Wales has opened new areas for gas exploration in its remote west. The move reflects growing concern over future energy supply across Australia’s east coast.
Travel demand across China is expected to remain robust during the upcoming five-day Labour Day holiday starting 1 May.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 29th of April, covering the latest developments you need to know.
Mali’s military leader, Assimi Goita, has said the situation is “under control” in his first public remarks since a wave of coordinated attacks shook the country last weekend.
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