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BREAKING
Israeli Channel 13: The Iranian nuclear program cannot be destroyed with missiles, even if we spend another year attacking it alongside the Americans.
Over 30 casualties in a suicide bombing that targeted the Mar Elias Church in Damascus, Syria.
Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.
IRGC Commander Major General Mohammad Pakpour: As time passes, the people's solidarity increases, which is a divine blessing
IRGC Commander Major General Mohammad Pakpour: The Iranian Revolution Guard Corps' aerospace operations will not stop
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
Russian Foreign Ministry: We strongly condemn the US strikes on Iran, calling the decision irresponsible
Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression

Brent crude closes below 100$ as China forces COVID-19 lockdown

  • By Al Mayadeen Net
  • Source: Agencies
  • 15 Mar 2022 23:52
  • 2 Shares
2 Min Read

Oil demand has a huge say in its price.

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  • Oil Prices Rise
    Oil Prices Rise

On Tuesday, Brent oil futures finished under $100 a barrel, which is the first time it closes below the key benchmark level - $100 - since the second day of the Russian special military operation in Ukraine.

Read more: US oil reaches all-time high amid sanctions on Russia

The futures for delivery in May ended at $99.91 a barrel, a 6.5% decrease. 

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West Texas Intermediate, a US benchmark for crude, dropped 6.4% to $96.44 per barrel. 

China has recently taken the decision to place tens of millions of people under lockdown restrictions as COVID-19 cases increased significantly, which raises worries about oil demands taking a hit. 

Louise Dickson, a Rystad Energy analyst, said China's severe restrictions can put 500,000 barrels per day at risk. 

"China oil demand risk is real," Dickson said, explaining that a strengthening dollar will pressure prices of oil since it's purchased in USD.

Read more: China's tools to help Russia's economy

On Wednesday, the Federal Reserve is expected to start increasing the interest rate which would push the dollar higher.

With ongoing uncertainty due to the situation in Ukraine, Rystad warns that this drop may not last too long, as West-led sanctions on Russian energy affect the global market. 

  • COVID-19 pandemic
  • COVID-19
  • Covid lockdown
  • China
  • Brent crude oil
  • west texas intermediate
  • Oil prices
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

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