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.
India and China have resumed direct commercial flights for the first time in five years, marking a cautious thaw in relations between the two Asian gi...
Armenia’s foreign minister says the presidents of Azerbaijan and Türkiye have been verbally invited to attend the 8th European Political Community ...
Iran's Minister of Road and Urban Development Farzaneh Sadegh has said that Iran and Russia are scheduled to sign a railway agreement next month in Mo...
Armenian Foreign Minister Ararat Mirzoyan has dismissed debate over who benefits more from recent agreements with Azerbaijan, calling the talks a mutu...
Cameroon's incumbent President Paul Biya, 92 has been announced as the winner of the country's Presidential election amidst allegations of election ir...
Cameroon's incumbent President Paul Biya, 92 has been announced as the winner of the country's Presidential election amidst allegations of election irregularities.
India and China have resumed direct commercial flights for the first time in five years, marking a cautious thaw in relations between the two Asian giants.
Iran's Minister of Road and Urban Development Farzaneh Sadegh has said that Iran and Russia are scheduled to sign a railway agreement next month in Moscow.
Armenian Foreign Minister Ararat Mirzoyan has dismissed debate over who benefits more from recent agreements with Azerbaijan, calling the talks a mutual gain.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
India and China have resumed direct commercial flights for the first time in five years, marking a cautious thaw in relations between the two Asian giants.
Cameroon's incumbent President Paul Biya, 92 has been announced as the winner of the country's Presidential election amidst allegations of election irregularities.
The UN has appealed for the safe evacuation of civilians trapped in Sudan’s el-Fasher, as paramilitary forces claim to have captured the army’s main base in the city.
When Javier Milei assumed Argentina's presidency on 10 December 2023, the self-proclaimed "anarcho-capitalist" inherited one of the world's most troubled economies.
U.S. President Donald Trump said on Monday that he hoped to secure a trade deal with China to add to a series of agreements reached during his ongoing visit to Asia, as he arrived in Tokyo to a royal welcome.
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