Brent crude futures fell toward $60.79 a barrel on Monday, down 0.82% from the previous day, hovering near six-month lows as rising global supplies and easing geopolitical tensions pressured the market.
The decline followed last week’s report from the International Energy Agency (IEA), which projected a larger oil surplus in 2026, citing increasing production from OPEC+ members. The forecast reinforced market concerns that demand growth may not keep pace with expanding output.
Over the past month, Brent has fallen 8.69% and is down 18.18% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market. Historically, Brent crude reached an all-time high of $147.50 in July 2008.
Tensions in the Middle East eased, with Israel and Hamas reaffirming a ceasefire deal, reducing the war-related risk premium that had previously supported prices.
Still, losses were capped after a Ukrainian drone strike over the weekend hit a Russian gas-processing plant, forcing a partial shutdown and sparking a fire. The attack raised fresh questions about supply security in the region.
Investors are now turning their attention to upcoming talks between U.S. President Donald Trump and Russian President Vladimir Putin in Hungary, expected to focus on ways to end the ongoing conflict.
Markets are also watching for developments in U.S.–China trade negotiations, as renewed tensions between the world’s two largest oil consumers add uncertainty to the outlook.
