Oil prices wrapped up last week on a high note, logging a second consecutive weekly gain. Brent crude climbed 1.15% to settle at $65.33 a barrel, while West Texas Intermediate (WTI) added 1.20% to close at $62.49. Over the week, Brent advanced 2.27%, and WTI edged up 2.34%. This uptick was driven mainly by fading fears of a global trade slowdown, as easing tensions between the US and China helped calm markets and lifted hopes for steady oil demand.
But the rally did not go unchecked. Traders remained cautious as talks of increased supply from Iran and the OPEC+ alliance loomed in the background. Hopes for a US-Iran nuclear deal had already nudged prices lower earlier in the week, with Brent shedding over 2% in one session as markets priced in a potential return of Iranian crude.
Geopolitics continued to play a dominant role. While ceasefire talks between Kyiv and Moscow, the first direct negotiations in over three years, ended in deadlock, Israel took a more forceful approach, launching airstrikes on Yemen’s Red Sea ports of Hodeidah and Salif in a bid to weaken Houthi forces.
On Monday, oil prices inched up again, supported by signs that US-Iran nuclear negotiations had hit a wall. Brent settled 21 cents higher at $65.54, and WTI rose 36 cents to close at $62.85. The adjustment was underscored by Iranian Deputy Foreign Minister Majid Takht-Ravanchi, who said talks would go nowhere if the US insisted on halting Iran’s uranium enrichment. Without a deal, sanctions remain, and Iranian crude stays mostly sidelined.
By Tuesday, crude prices were struggling to find direction. Brent hovered around $65, while WTI lingered near $62. Investors weighed multiple variables: the rocky nuclear talks, sluggish Ukraine peace negotiations, and economic signals from major oil-consuming nations. President Trump announced that Russia and Ukraine would ‘immediately’ start ceasefire negotiations following his call with President Putin. This announcement, if fruitful, could eventually open the door to increased Russian oil exports.
Moreso, Moody downgraded the United States’ credit rating, clouding the economic outlook for the world’s top oil consumer. Meanwhile, weak industrial output and retail sales data from China, the globe’s largest oil importer, compounded concerns about future demand.
Brent | WTI | |
Friday – 16/5/2025 | $65.33 | $62.49 |
Monday – 19/05/2025 | $65.54 | $62.85 |
Tuesday – 20/05/2025 | $65.61 | $62.15 |
Later on Tuesday, prices edged slightly lower. Market indecision deepened as Iran’s Supreme Leader, Ayatollah Ali Khamenei, labelled US demands in the nuclear talks ‘outrageous,’ especially the call to cease uranium enrichment. Analysts warn that a breakthrough could unleash an additional 300,000 to 400,000 barrels per day of Iranian oil into global markets. Russia, too, could ramp up exports if a peace deal materialises.
At the beginning of today, oil prices spiked after reports suggested Israel may be preparing strikes on Iranian nuclear sites. Brent surged above $66, while WTI leapt past $63. The potential for conflict in the oil-rich Middle East sparked immediate concerns over supply disruptions, especially if Iran retaliates by shutting the Strait of Hormuz, a vital artery through which roughly one-fifth of the world’s oil passes.
While geopolitical tension was heating up, weekly data from the American Petroleum Institute (API) cooled things slightly. US crude inventories unexpectedly rose by 2.5 million barrels, defying expectations of a drawdown, and followed a previous build of 4.3 million barrels. This surprising stockpile increase helped temper the supply panic… for now.
Generally, markets are caught in a tug-of-war: on one side, geopolitical flashpoints threaten to tighten supply; on the other, soft economic data and potential surges in sanctioned oil exports (Iran, Russia) pose downside risks. With so many variables in play, one thing is certain, volatility is not going anywhere.
Over the past week, the cryptocurrency market has experienced major price fluctuations, key regulatory developments, and several noteworthy industry events.
Bitcoin (BTC): Surged past $106,000, reaching a market capitalisation of approximately $2.045 trillion, surpassing Amazon and becoming the fifth most valuable asset globally.
Ethereum (ETH): Experienced a 7% increase, trading above $2,500, driven by institutional interest and favourable regulatory developments.
Date | Bitcoin (BTC) Closing Price | Ethereum (ETH) Closing Price |
May 14 | $96,341.20 | $1,838.24 |
May 15 | $94,438.40 | $1,820.00 |
May 16 | $94,748.10 | $1,816.00 |
May 17 | $96,714.20 | $1,811.00 |
May 18 | $102,443.00 | $2,203.00 |
May 19 | $103,213.00 | $2,342.00 |
May 20 | $106,736.00 | $2,507.48 |
In a significant move, the U.S. Senate has progressed the bipartisan GENIUS Act, a landmark piece of legislation designed to bring stablecoins under tighter regulatory control. The act seeks to limit the issuance of stablecoins to licensed entities and strengthen oversight mechanisms, especially for foreign-based issuers.
Meanwhile, the Commodity Futures Trading Commission (CFTC) is facing a looming leadership shortfall. By June, only two commissioners will remain in office, with the nominated chair still awaiting confirmation. This leadership gap has sparked concerns over the agency’s ability to provide timely and effective oversight of crypto markets.
The past week has seen a flurry of high-profile acquisitions, highlighting a trend of post-crypto winter consolidation. Ripple acquired prime brokerage Hidden Road for $1.25 billion. Coinbase purchased crypto derivatives exchange Deribit for $2.9 billion. Robinhood announced its acquisition of Canadian trading platform WonderFi for $179 million. These strategic moves underscore how leading crypto firms are expanding their reach and strengthening their market positions.
In a related development, both Ripple and Coinbase are reportedly in discussions to acquire Circle, the issuer of the USDC stablecoin. If successful, the deal would further demonstrate the deepening focus on stablecoins and tokenisation as key pillars of the crypto economy.
Pakistan made headlines by signing a digital finance agreement with World Liberty Financial, a crypto company reportedly 60% owned by members of the Trump family. The deal signals Pakistan’s ambitions to modernise its financial system and embrace blockchain-based solutions.
In Central Asia, Kyrgyzstan revealed plans to establish a national reserve backed by Bitcoin and Binance Coin (BNB). The initiative, supported by Binance co-founder Changpeng Zhao, marks a bold step toward integrating crypto assets into national monetary policy.
To the surprise of many, crypto billionaire Justin Sun announced he is the top holder of Donald Trump’s $TRUMP meme coin, with holdings reportedly worth nearly $20 million. He is scheduled to attend a private gala dinner with the president, a development that is fuelling broader discussions about the convergence of politics, celebrity, and crypto investing.
Meanwhile, the meme coin space faced a major scandal. Haliey Welch, widely known as the ‘Hawk Tuah’ girl, addressed her role in the promotion of $HAWK, a meme coin that skyrocketed to a $500 million market cap before imploding. Welch claimed she was misled by promoters, and the coin’s collapse has reportedly triggered FBI and SEC investigations.
Despite the turbulence, the crypto sector continues to exhibit resilience and momentum. Robust institutional interest, combined with evolving regulatory clarity, is shaping a maturing digital asset landscape. As countries integrate cryptocurrencies into their economic frameworks and companies pursue aggressive growth strategies, the coming months are likely to bring even more transformation across the global crypto economy.
Abstract - Dreaming?
The smile on their faces, the expectancy of a booming economy, crude oil has risen!
Confidence and certainty will be the new energy emitted by the people.
Pockets will be full again, spending and more spending without crying, there is plenty where that came from.
Job openings, business opportunities! But can we say goodbye to ‘anxiety’ or shall we keep it at bay for now.
Is this really happening, or is it just a dream? The big question!
