Oil becomes cheaper against the news background from the Middle East

In Asian markets on Monday, June 30, oil prices fell 1%. According to Reuters, such a reduction is associated with improved forecasts for supplies against the background of a reduction in geopolitical risks in the Middle East and the expectations of a new increase in OPEC+ countries in August.

The publication writes that Brent Oil Futures loses 0.97% and currently trades at 67.11 dollars per barrel. In this regard, the American oil of the West Texas Intermediate Brand fell 1.43%in price, reaching $ 64.58 per barrel.

Last week, the same index has experienced the largest weekly fall since March 2023. This is caused by an exacerbation of tightening between Israel and Iran in their next worsening conflict.

However, experts predict that both brands will end during a positive dynamics, showing a second consecutive monthly increase.

Remember that on June 13, Israel began operations against Iran’s nuclear and military facilities. In response, a mutual rocket fire took place between countries.

These events significantly influence the markets in the world. After the Israeli strike, the cost of oil and gold increased dramatically, and the stock markets experienced a fall. However, after two days of the fastest fall since 2022, oil prices began to recover thanks to a Truce between Iran and Israel.

Earlier, Ukrainian Foreign Minister Andrei Sybiga announced the initiative to impose sanctions against countries that actively buy Russia’s oil.