The National Iranian Oil Company (NIOC) released the official selling prices for Iranian crude oil in January 2025.
Iranian Labour News Agency
The National Iranian Oil Company (NIOC) released the official selling prices for Iranian crude oil in January 2025.
After the announcement of the assassination of Hamas leader Haniyeh in Tehran, Oil prices jumped, with Brent crude climbing 1.5% to just below $80 a barrel.
Oil prices shed as much as $4 a barrel on Monday, extending last week's decline as diplomatic efforts to end the war in Ukraine were stepped up and markets braced for higher U.S. rates.
Oil prices surged to seven-year highs on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market.
Oil prices bounced back on Tuesday, recovering some of the previous day's losses, as growing tension in Eastern Europe and the Middle East fuelled concerns over possible supply disruptions.
Brent crude futures snapped a 3-day rally on Friday in light trading before the Christmas holidays, but the benchmark ended the week higher, with the market focusing on next steps by Opec+ and the impact of the Omicron variant.
Japanese and Indian officials are reportedly working on ways to release national reserves of crude oil in tandem with the US and other major economies to dampen prices.
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share.
Brent crude fell 49 cents to settle at $68.39 a barrel, while US crude dropped 59 cents to settle at $64.80 a barrel.