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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Yemen's air force carried out 20 strikes on Houthi targets earlier on Friday, Brigadier General Majid Abdullah Al-Nuzaili, Spokesman for the Yemeni Armed Forces, said. Meanwhile, the Iran-backed Houthis denied targeting a power plant supplying energy to a mosque in Medina, Saudi Arabia.
Israeli Prime Minister Benjamin Netanyahu said Israel may participate in the investigation into a serious incident aboard a flydubai flight bound for Tel Aviv, while investigators examine the motive of the co-pilot involved.
Passengers from a flydubai flight that was diverted to Saudi Arabia after an alleged attempt to crash the aircraft have arrived safely in Israel.
Russia has warned NATO that it would be prepared to use nuclear weapons if the Western alliance attempted to isolate Kaliningrad, a Russian exclave on the Baltic Sea, according to a diplomatic document seen by Reuters.
British counter-terrorism police have arrested a 27-year-old dual UK-Iranian national as part of an investigation into a suspected plot involving RAF Fairford, an airbase used by U.S. forces for operations against Iran.
A retired Australian builder has arrived in Baku in his 1929 Pontiac Roadster during an epic journey from Bangkok to Istanbul, using the nearly century-old car to raise money for Parkinson’s research.
Around 400 schools across France remained closed on Friday as protests over teacher shortages and deteriorating buildings escalated into violence, leaving dozens injured and leading to 2,000 arrests.
Russian President Vladimir Putin said on Thursday that Moscow wanted to end the war in Ukraine through negotiations as soon as possible, while insisting that any settlement must meet conditions acceptable to Russia and include security guarantees.
The family of Renee Good, a U.S. citizen fatally shot by an immigration agent in Minneapolis in January, has sued the Trump administration, accusing federal officials of excessive force and unconstitutional conduct.
Ukraine is working to resolve a diplomatic dispute with South Korea after Kyiv publicly disclosed the transfer of two North Korean prisoners of war to Seoul, Ukrainian Foreign Minister Andrii Sybiha said on Thursday, 1 October.
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