BP30 Jun 2025 03:32
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Brent crude oil futures dropped to around $66.5 per barrel on Monday, after posting its sharpest weekly decline in over two years, amid easing tensions in the Middle East. Crude prices tumbled over 13% last week, marking the worst weekly performance since March 2023, as the Israel-Iran truce continues to hold, alleviating fears of a broader conflict that could disrupt crude flows from the region. However, Iran doubts the US-brokered ceasefire with Israel will last, warning of retaliation if strikes resume. Meanwhile, President Donald Trump suggested he might back eventual sanctions relief for Iran “if they can be peaceful.” Further weighing on prices, reports indicated that OPEC+ was set to boost production by 411,000 barrels per day in August, following a similar hike already planned for July. Markets are also keeping a close eye on trade developments, as the July 9 deadline set by the Trump administration for finalizing trade agreements approaches.
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