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Oil prices tumbled on Tuesday to their lowest level in more than a week as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, relieving worries of supply disruption in the area. Brent crude futures fell $2.69 or 3.76% to $68.79 a barrel as of 0006 GMT, after falling more than 4% earlier in the session and touching its lowest level since June 11. U.S. West Texas Intermediate crude slumped $2.7, or 3.94%, to $65.46 per barrel, having hit its weakest level [Read more]

The war between Israel and Iran has raised concerns that Iran could retaliate by trying to close the Strait of Hormuz, the world's most important oil chokepoint due to the large volumes of crude that pass through it every day. The U.S. military’s strike on three sites in Iran over the weekend has raised questions about how its military might respond. The Strait of Hormuz is between Oman and Iran, which boasts a fleet of fast-attack boats and thousands of naval mines as well as missiles [Read more]

Israel's attacks on Iran citing "possible future threat" and U.S. attacks on Iran's nuclear facilities "sent wrong signals to the world and set a bad precedent," China's Foreign Minister Wang Yi said on Monday. All parties to the conflict should take measures to cool down the situation and return to dialogue and negotiation, he said. Wang made the remarks during a meeting with former British Prime Minister Tony Blair in Beijing on Monday, according to a statement released by his [Read more]

U.S. power prices soared to their highest since the winter as homes and businesses cranked up their air conditioners to escape a brutal heat wave blanketing the eastern half of the country, stressing regional power grids. Extreme weather reminds consumers of the fatal freeze in February 2021 that left millions of Texans without power, water and heat for days and a brutal heat wave in August 2020 that forced the California power grid to impose rotating outages that affected about 800,000 [Read more]

U.S. President Donald Trump expressed a desire on Monday to see oil prices kept down amid fears that the aftermath of the attacks on Iran's nuclear facilities could cause them to spike. "Everyone, keep oil prices down, I'm watching! You're playing into the hands of the enemy, don't do it," Trump wrote in all caps on his Truth Social platform. Trump followed up with another post addressed to the U.S. Department of Energy, encouraging it to "drill, baby, drill" and saying, "I mean [Read more]

Oil majors Eni, BP, and Total Energies operating in Iraqi oilfields have evacuated a number of their foreign personnel, Iraq's state-run Basra Oil Company said in a statement on Monday. However, oil operations in Iraq's southern oilfields have not been affected, with exports averaging 3.32 million barrels per day, two oil officials told Reuters. The measures taken come as the world awaits Tehran's response to the U.S. attack on nuclear sites in the Islamic Republic with clashes between [Read more]

The United States assesses that Iran could carry out retaliatory attacks targeting American forces in the Middle East soon, although the U.S. is still seeking a diplomatic resolution that would see Tehran forgo any attack, two U.S. officials said on Monday. One of the officials, who spoke to Reuters on condition of anonymity, said Iran's retaliatory attack could happen within the next day or two. Iran has threatened to retaliate after U.S. bombed its nuclear sites over the [Read more]