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Oil price
$71.99Brent?barrel?
−4.3%
Day
−10.5%
Week
−24.6%
Month
Prices are
Normal?
Oil news
After the US and Iran resumed strikes on each other over the weekend, the world awaits Monday's market reaction.
By Friday, oil fell back to its pre-war level, with Brent at $71.99 a barrel, down about 25% on the month.
Conflict Hot Warm Frozen Potential Circle size = estimated deaths (log scale).
Iran War
Iran fired missiles and drones at US bases in Kuwait and Bahrain, after 2 nights of US strikes on Iran.
On 25 June, Iran hit a container ship in the Strait of Hormuz, as peace negotiations were taking place.
Ukraine War
Ukrainian drone strikes have cut Russia's petrol output to about 25% below a year earlier.
Russia downed a record 660 drones on 26 June, as restrictions on fuel sales are introduced in some regions.
UK
Prime Minister Keir Starmer is stepping down, most likely to be replaced by Andy Burnham.
If not contested by other Labour members of parliament, he would become the new PM by 18 July.
US
US inflation reached 4.1% in the year to May, as higher oil prices in 2026 drive up prices.
Markets now predict an increase in US interest rates by December, not a cut.
China
On 22 June China put 10 US firms under export controls and barred 46 companies from state contracts.
Earlier, the US tightened AI-chip sale controls towards China and restricted trading with 188 more Chinese firms.
France
Prime Minister Lecornu ordered ministers to cut 30-50 billion euros from the 2027 budget on 13 June.
French public debt reached a record 117.5% of GDP in the first quarter of 2026.
Germany
Volkswagen is planning to cut up to 100,000 jobs, 25% of its staff, and shut 4 factories in Germany.
The carmaker is losing ground to Chinese electric-vehicle rivals and pays about 4 billion euros a year in US tariffs.
India
US and India are reportedly close to agreeing a trade deal, with tariff rate central.
India wants to negotiate lower tariffs than neighbours Vietnam and Thailand, with reports suggesting it may succeed, at 18%.
Japan
US and Japan signal joint action to support the value of its currency, now near a 40-year low.
The Japanese economy is facing a combined problem of high debt, low currency value and growing cost of imports.
Turkiye
Turkiye detained 2 more opposition mayors on 25 June, total jailed or removed since 2024 past 40.
Most were from the main opposition party, and the arrests came days before Turkiye hosts a NATO summit.
Africa
Sudan's RSF has tightened its siege of El Obeid, killing about 50 civilians in 10 days of drone strikes.
There is a risk that more than half a million residents may be killed if the city falls.
Asia
Indonesia has signed a deal to import 150 million barrels of Russian crude oil by the end of 2026.
South-East Asia's largest economy routed the deal through a state agency to avoid Western sanctions.
Europe
The EU finalised its trade deal with the United States on 25 June.
It drops EU tariffs on US industrial goods for a 15% US cap on European exports, avoiding a threatened tariff on EU cars.
Middle East
Aid is entering Gaza at under a third of the level promised in the ceasefire.
About 14,242 trucks arrived from January to the end of May, against the 45,000 the deal required.
South America
2 earthquakes struck Venezuela on 24 June, killing at least 1,430 people, with nearly 68,900 missing.
The United States eased its sanctions to allow relief and sent navy ships to help.
Rest of the World
Cuba has begun its biggest economic overhaul since the 1959 revolution, legalising private banks and majority foreign ownership.
The government set out new taxes on 23 June, as its economy faces a 6.5% contraction in 2026.
International
World institutions have not acted on the US-Iran war, with the UN Security Council deadlocked and no resolution passed.
The IAEA has not checked Iran's uranium stock since February, and forecasters have cut 2026 world trade growth to 1.9%.
Business
US technology shares had their worst week since February, with the Nasdaq down 4.5% in the week to 26 June.
US share valuations sit near their dot-com-era peak, and the fall hit markets from South Korea to Japan.
Climate
A record heatwave across Western Europe in late June killed more than 1,300 people, the WHO reported.
In Venezuela, a dual earthquake killed at least 1,400 people (see South America section).
Oil
By Friday, oil fell back to its pre-war level, with Brent at $71.99 a barrel, down about 25% on the month.
After the US and Iran resumed strikes on each other over the weekend, the world awaits Monday's market reaction.
Global news
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