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.
Five people have died after a mine shaft collapsed during an illegal mining operation in southwestern China, state media reported on Sunday (31 May), ...
The Paris Saint-Germain (PSG) football team retained its Champions League title at Puskás Aréna in Budapest on Saturday night, after overcoming A...
U.S. rapper Kanye West, now known as Ye, performed to a crowd of 118,000 people in Istanbul on Saturday night, marking his first concert in Europe in ...
Thousands of people gathered across Colombo on Saturday night (30 May) as Sri Lanka's capital came alive with light and colour for Vesak, one of the m...
The World Health Organisation’s designation of the Bundibugyo Ebola virus outbreak as a Public Health Emergency of International Concern (PHEIC) is ...
Five people have died after a mine shaft collapsed during an illegal mining operation in southwestern China, state media reported on Sunday (31 May), just days after the country's deadliest mining disaster in more than a decade claimed at least 82 lives.
The Paris Saint-Germain (PSG) football team retained its Champions League title at Puskás Aréna in Budapest on Saturday night, after overcoming Arsenal 4-3 on penalties after a tense 1-1 draw following extra time.
U.S. rapper Kanye West, now known as Ye, performed to a crowd of 118,000 people in Istanbul on Saturday night, marking his first concert in Europe in more than a decade, despite being barred from performing in several countries over past antisemitic remarks.
Thousands of people gathered across Colombo on Saturday night (30 May) as Sri Lanka's capital came alive with light and colour for Vesak, one of the most important festivals in the Buddhist calendar.
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
Iranian-made Yassin missiles were spotted mounted on Armenian Air Force fighter aircraft during Armenia's latest military parade on Thursday (28 May), drawing attention from defence observers and regional analysts.
The Philippines remains under a "severe threat" from China despite recent efforts by Washington and Beijing to ease tensions, Philippine Defence Secretary Gilberto Teodoro said on Saturday (30 May).
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Russia has recalled its ambassador to Armenia for consultations, citing Yerevan's growing rapprochement with the European Union. The move is seen as the latest sign of deteriorating relations between the longtime allies ahead of Armenia's parliamentary election on 7 June.
Five people have died after a mine shaft collapsed during an illegal mining operation in southwestern China, state media reported on Sunday (31 May), just days after the country's deadliest mining disaster in more than a decade claimed at least 82 lives.
Thousands of people gathered across Colombo on Saturday night (30 May) as Sri Lanka's capital came alive with light and colour for Vesak, one of the most important festivals in the Buddhist calendar.
The Paris Saint-Germain (PSG) football team retained its Champions League title at Puskás Aréna in Budapest on Saturday night, after overcoming Arsenal 4-3 on penalties after a tense 1-1 draw following extra time.
The head of the World Health Organization (WHO) travelled to eastern Democratic Republic of Congo on Saturday (30 May), urging communities to seek medical care quickly and follow safe burial practices as authorities work to contain a rapidly growing Ebola outbreak.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 31 May, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment