Just in:
Nvidia is the dream stock of our lifetime! // Results of the ixCrypto Index Series Quarterly Review (2025 Q2) & IX Digital Asset Industry Index Series Half Yearly Review (2025 1H) // BRICS Pledge Cooperation, Not Confrontation With U.S. // Nigeria’s Coastal Highway Passes $747 m Funding Milestone // Sharjah Elevates Real‑Estate Platform with New Digital Portal // ICONSIAM Showcases Thai Creativity to the World with “Lost in DOMLAND” — Reinforcing Its Role as a Must-Visit Global Art Destination // Stonepeak Secures Strategic Co-Control of IFCO Stake // Behomes Launches Behomes Hub – Cashback & Networking App for Real Estate Professionals // “Eternal City” Pompeii Exhibition Opens in Hunan, Marking New Sino-Italian Cultural Exchange // IIT Delhi and TeamLease EdTech Kick‑start AI for Healthcare Executive Programme // Ten Tips for a Healthy Summer Garden // Can India Emerge As The Trusted Leader Of Global South Like Earlier Years? // CGTN: Beauty in diversity: How wisdom at Nishan Forum inspires global modernization // TÜV SÜD Appoints Interim Leadership Following CEO Transition // Dong Yuhui’s Fujian Journey: The Sea’s Lesson – 30% Destiny, 70% Determination // Air Arabia Reinitiates Sharjah–Damascus Flights // Galaxy AI Elevates On‑Device Intelligence with Privacy at Core // Anhui Unveils Teaser for 2025 World Manufacturing Convention, Extending a Global Invitation to Innovate Together // BoE charts new wholesale terrain for stablecoins and tokenised assets // Musk Alleges Grok Was Misled and Predicts Tech Breakthroughs //

Oil tumbles 6% on Greece, Iran, China

Oil prices tumbled their most in three months on Monday, with U.S. crude falling 6 percent, after Greece’s rejection of debt bailout terms and China’s rolling out of emergency measures to support its stock markets shook global markets.

Adding to the pressure on oil, Iran and global powers were trying to meet a July 7 deadline on a nuclear deal, which could bring more supply to the market if sanctions on Iran are eased. The self-imposed deadline could be extended again, officials at the negotiations said.

U.S. crude has fallen 10 percent in all over three straight sessions and Brent over 7 percent in two consecutive days, the biggest rout since January. The slump brought oil out of its narrow trading band of the past three months, risking a deeper slide ahead.

ADVERTISEMENT

“Even without Greece, China’s stock market woes and Iran priming to hit the market with more barrels, the demand picture in oil has only been okay while the supply picture has been phenomenal,” said John Kilduff, partner at New York energy hedge fund Again Capital.

“With these number of bearish elements weighing on the market now, the only thing of support has been the seasonal demand in gasoline, and even that will be going away soon.”

U.S. crude CLc1 was at $53.50 a barrel by 12:51 p.m. EDT, down $3.43 from its settlement on Thursday before Friday’s U.S. Independence Day holiday and below the 100-day moving average. If the 6 percent drop is retained at the close, it will be the biggest daily loss in U.S. crude since a 7 percent drop on April 8.

“A closing break below $54 could pave the way for a move down to $50,” said Fawad Razaqzada, a London-based technical analyst for forex.com.

Brent LCOc1 fell $2.67, or 4.4 percent, to $57.65, also snapping its 100-day average.

Greeks voted a resounding no to a referendum on an international bailout that also put in doubt its membership in the euro. The euro fell against the dollar, weighing on demand for dollar-denominated commodities from holders of the single currency.

Commodities were also sucked into market turmoil that has seen Chinese shares fall as much as 30 percent since June due in part to the economy growing at its slowest pace in a generation.

In Vienna, a dispute over U.N. sanctions on Iran’s ballistic missile programme and a broader arms embargo were among issues holding up a nuclear deal between Tehran and six world powers.

Iran is seeking to restore oil exports that have dropped from 2.5 million barrels per day in 2011 to about 1 million bpd in 2014. Morgan Stanley analysts said up to 700,000 bpd in new Iranian exports were likely to arrive between late 2015 or early 2016, delaying the recovery in oil prices and U.S. output by 6 to 12 months.

Oil prices were also weighed down by signs that U.S. shale drillers were returning to the field, as the rig count for oil rose last week for the first time since December.  It is unclear whether the latest price decline will give drillers pause, though, as many oil producers had been counting on $60 or $65 a barrel prices to support new wells.

 


Notice an issue?

Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.


ADVERTISEMENT
Just in:
Stonepeak Secures Strategic Co-Control of IFCO Stake // Behomes Launches Behomes Hub – Cashback & Networking App for Real Estate Professionals // Results of the ixCrypto Index Series Quarterly Review (2025 Q2) & IX Digital Asset Industry Index Series Half Yearly Review (2025 1H) // DNA‑Crafted Nanomachines Self‑Assemble in Water // Dong Yuhui’s Fujian Journey: The Sea’s Lesson – 30% Destiny, 70% Determination // Record Global Interest Drives CDB’s Dual‑Currency Bond Triumph // Musk Alleges Grok Was Misled and Predicts Tech Breakthroughs // OPEC+ Eyes Pause in Production Rises After September Surge // Air Arabia Reinitiates Sharjah–Damascus Flights // ADNOC Gas Signs $400 Million LNG Deal with SEFE // Coffee Chains Join Bitcoin Mania with Bold Treasury Moves // Tokyo Real Estate Set for $75 Million Blockchain Shake‑Up // Qingzhen’s Zhanjie Town Leverages Ecological Resources to Drive Industrial Upgrading and Integrate Culture and Tourism for Rural Revitalization // Celebratory 911 Club Coupe Marks Half-Century Porsche Partnership // ICONSIAM Showcases Thai Creativity to the World with “Lost in DOMLAND” — Reinforcing Its Role as a Must-Visit Global Art Destination // Can India Emerge As The Trusted Leader Of Global South Like Earlier Years? // BRICS Pledge Cooperation, Not Confrontation With U.S. // Abu Dhabi’s Masdar and Iberdrola Back £5 Billion UK Offshore Wind Venture // “Eternal City” Pompeii Exhibition Opens in Hunan, Marking New Sino-Italian Cultural Exchange // Nigeria’s Coastal Highway Passes $747 m Funding Milestone //