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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Donald Trump has unveiled a sweeping national AI strategy on Wednesday, signing three executive orders aimed at securing U.S. dominance in the global artificial intelligence race by accelerating innovation, cutting red tape, and easing regulations on critical data infrastructure.
Russia and Ukraine have completed a major prisoner exchange, marking one of the largest swaps since the start of the war. The deal was based on agreements made earlier in Istanbul.
Germany and France are aiming to end a long-standing rift over their joint fighter jet project by August, as Chancellor Friedrich Merz and President Emmanuel Macron push for unity in European defense.
Turkish defence firm Aselsan showcased new technologies designed to integrate with Türkiye’s multi-layered Steel Dome air defence system at the International Defence Industry Fair (IDEF 2025) in Istanbul this week.
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The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
Donald Trump has unveiled a sweeping national AI strategy on Wednesday, signing three executive orders aimed at securing U.S. dominance in the global artificial intelligence race by accelerating innovation, cutting red tape, and easing regulations on critical data infrastructure.
Russia and Ukraine have completed a major prisoner exchange, marking one of the largest swaps since the start of the war. The deal was based on agreements made earlier in Istanbul.
Germany and France are aiming to end a long-standing rift over their joint fighter jet project by August, as Chancellor Friedrich Merz and President Emmanuel Macron push for unity in European defense.
Senior diplomats from Iran, Russia and China convened in Tehran to coordinate their positions on Iran’s nuclear programme and Western sanctions ahead of upcoming negotiations in Istanbul.
Australia has made a further payment to the United States under the AUKUS nuclear submarine deal. Prime Minister Anthony Albanese confirmed on Wednesday that a second instalment of $525 million has been paid, following an initial $500 million payment in February.
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