Global oil prices fall, experts reveal reason
Oil prices have fallen (Illustrative photo: Getty Images)
Oil prices fell by 1% on Monday, June 30. This decline was driven by improved supply forecasts amid easing geopolitical risks in the Middle East and the prospect of another production increase by OPEC+ in August, Reuters reports.
Brent crude futures dropped by 0.97%, settling at $67.11 per barrel.
At the same time, US West Texas Intermediate (WTI) crude fell by 1.43%, closing at $64.58 per barrel.
Last week, both oil indexes recorded their largest weekly drop since March 2023 due to the twelfth war between Israel and Iran.
Experts predict that both benchmarks will end the season with gains, marking their second consecutive monthly increase.
Market reaction to Israeli strikes on Iran
Israel launched its operation against Iran’s nuclear and military sites on June 13. Since then, the two countries have exchanged missile strikes.
This situation impacted global markets significantly. Following Israel’s strikes, oil and gold prices surged sharply, while stock markets declined.
After the largest two-day drop since 2022, oil prices rose amid a ceasefire between Iran and Israel.
Earlier, Ukraine’s Foreign Minister Andrii Sybiha announced plans to initiate sanctions against countries that are the largest buyers of Russian oil.
