Oil prices set to test US$60 lows by end-2025 as supplies surge after Mid-East ceasefire
As oil prices fell this week, the cost of shipping Middle East crude to Asia also declined by 17 per cent to 55.50 Worldscale points. PHOTO: REUTERS
SINGAPORE – Tensions in the Middle East may linger but oil prices for the rest of the year have only one way to go – down.
Fears of a supply cut failed to materialise during the so-called 12-day war between Israel and Iran, which was deemed to have ended with a ceasefire on June 24 following an unprecedented US air strike on the Islamic Republic's nuclear facilities on June 22 .
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