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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U.S. President Donald Trump threatened Iran with renewed military action on Sunday if Tehran-backed Hezbollah continues attacks from Lebanon, even as Vice President JD Vance held the first talks with Iranian officials under a week-old peace agreement in Switzerland.
More than 41 million Colombians headed to the polls on Sunday to decide whether the country will continue the left-wing policies of President Gustavo Petro or elect conservative outsider Abelardo De La Espriella in a closely watched presidential runoff.
Turkish President Recep Tayyip Erdoğan has instructed officials to resume discussions on reopening the historic Halki Seminary near Istanbul, a long-standing issue that was raised by U.S. President Donald Trump ahead of an expected NATO summit visit to Ankara next month.
Bolivia showed signs of returning to normality on Sunday after President Rodrigo Paz declared a state of emergency to end a 50-day social crisis that had paralysed transport networks across the country.
A train driver has been killed and nine people remain in a critical condition in hospital, after two trains collided near Beford in the east of England on Friday. The passenger trains heading to London collided at around 17:15 local time (1615 GMT).
Morocco captain and PSG defender Achraf Hakimi will face trial in France after an appeals court ruled there was enough evidence for the case to proceed.
A magnitude 5.8 earthquake struck southwest of Greece’s island of Crete on Saturday, with no immediate reports of damage.
Paraguay kept their World Cup hopes alive with a hard-fought 1-0 victory over Türkiye, but the celebrations were tempered by a costly red card for veteran forward Miguel Almirón.
One person has died after two freight trains collided on a bridge in Munich in the early hours of Saturday, causing two carriages to derail and crash onto the street below, German police said.
More than 41 million Colombians headed to the polls on Sunday to decide whether the country will continue the left-wing policies of President Gustavo Petro or elect conservative outsider Abelardo De La Espriella in a closely watched presidential runoff.
Britain's Observer newspaper reported that Prime Minister Keir Starmer is expected to resign on Monday and outline a timetable for his departure.
Turkish President Recep Tayyip Erdoğan has instructed officials to resume discussions on reopening the historic Halki Seminary near Istanbul, a long-standing issue that was raised by U.S. President Donald Trump ahead of an expected NATO summit visit to Ankara next month.
Bolivia showed signs of returning to normality on Sunday after President Rodrigo Paz declared a state of emergency to end a 50-day social crisis that had paralysed transport networks across the country.
Ukraine's improved position on the battlefield has done little to ease the humanitarian crisis affecting millions of people displaced by the conflict, according to the head of the International Rescue Committee (IRC).
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