Oil prices fall on easing Middle East risks
Brent crude futures fell 19 cents, or 0.28%, to $67.58 a barrel by 10:45 a.m. ET, ahead of the August contract's expiry later on Monday. U.S. West Texas Intermediate crude dropped 58 cents, or 0.89%, to $64.94 a barrel.
Last week, both benchmarks posted their biggest weekly decline since March 2023, but they are set to finish higher in June with a second consecutive monthly gain of more than 5%.
A 12-day war that started with Israel targeting Iran's nuclear facilities on June 13 caused Brent prices to surge above $80 a barrel after the U.S. bombed Iran's nuclear facilities and then slump to $67 after President Donald Trump announced an Iran-Israel ceasefire.
The market has stripped out most of the geopolitical risk premium built into the price following the Iran-Israel ceasefire, IG markets analyst Tony Sycamore said in a note.
Further weighing on the market, four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following similar-size output increases for May, June and July.
OPEC+ is set to meet on July 6 and this would be the fifth monthly increase since the group started unwinding production cuts in April.
In the U.S., the number of operating oil rigs, an indicator of future output, fell by six to 432 last week, the lowest level since October 2021, Baker Hughes said.
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Forbes
27 minutes ago
- Forbes
Trump Signs The Bill Today: 4 Winners Of The New ‘Big Beautiful Bill
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28 minutes ago
American bombs in Iran also reverberate in China and North Korea
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Yahoo
42 minutes ago
- Yahoo
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Before you buy stock in Caterpillar, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Caterpillar wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $692,914!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $963,866!* Now, it's worth noting Stock Advisor's total average return is 1,049% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 30, 2025 Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends NextEra Energy. The Motley Fool has a disclosure policy. 2 American Companies to Buy and Never Sell was originally published by The Motley Fool Sign in to access your portfolio
