Oil tumbles as OPEC+ hikes August output more than expected

July 7, 2025 12:55 PM

Oil tumbles as OPEC+ hikes August output more than expected

Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations. Brent crude futures LCOc1 fell 24 cents, or 0.35%, to $68.06 a barrel by 0642 GMT, while U.S. West Texas Intermediate crude CLc1 was at $66.31, down 69 cents, or 1.03%. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed...

Oil prices continue to surge amid growing Israel-Iran tensions

June 17, 2025 1:21 PM

Oil prices continue to surge amid growing Israel-Iran tensions

Oil prices rose sharply on Tuesday after US President Donald Trump called for the evacuation of Tehran, raising fears of a wider conflict in the Middle East. The prices jumped initially but later eased, as the market stayed cautious about any major disruption in oil supplies. Brent crude oil went up by as much as 2.2 per cent before falling slightly to trade just above $73 a barrel. West Texas Intermediate (WTI) also rose and hovered near $72. This comes after oil prices had dropped on Monday...