BUSINESS/FINANCE
Oil Prices Cool Down Amid Rising Geopolitical Concerns
Oil prices dipped slightly on Monday after last week’s 6% surge, although they remain near two-week highs. Brent crude futures fell by 26 cents to $74.91 per barrel, while U.S. West Texas Intermediate crude dropped 27 cents to $70.97.
The surge last week was driven by escalating geopolitical tensions, including Russia’s missile strikes and Iran’s activation of advanced uranium centrifuges following a U.N. resolution. Analysts have warned that these tensions could lead to disruptions in oil supply, particularly with potential sanctions on Iran reducing global supply by 1 million barrels per day.
China and India’s rising crude imports and the upcoming U.S. Federal Reserve meeting are additional factors influencing the oil market. Experts suggest that oil prices may stay within the $70-$80 range amid persistent tensions and market uncertainties.