Brent crude oil prices fell by $2, but remain in positive territory for the third week
Kyiv • UNN
Brent crude oil prices have cut their gains and fallen by almost $2 after the US postponed a decision on the conflict between Israel and Iran. Brent crude is heading for its third week of rising prices.
Brent crude oil prices pared gains from the previous session and fell nearly $2 on Friday after the White House postponed a decision on US involvement in the Israeli-Iranian conflict, but they are still heading for their third consecutive week in positive territory, Reuters reports, UNN writes.
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Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel at 02:55 GMT (05:55 Kyiv time). On a weekly basis, they rose 3.8%.
July West Texas Intermediate crude futures rose 53 cents, or 0.7%, to $75.67. The more liquid August WTI futures rose 0.2%, or 17 cents, to $73.67.
Prices jumped nearly 3% on Thursday as Israel bombed nuclear facilities in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital. The week-long war between Israel and Iran showed no signs of either side backing down.
Brent crude futures pared gains during the previous session after White House comments that US President Donald Trump will decide whether the US will intervene in the Israeli-Iranian conflict within the next two weeks.
Trump gave Iran two weeks before deciding on a strike - White House19.06.25, 21:29 • 4069 views
"Oil prices soared on fears of increased US involvement in the conflict between Israel and Iran. However, later, the White House press secretary suggested that there is still time for de-escalation," said Phil Flynn, an analyst at The Price Futures Group.
Iran is the third-largest producer among OPEC members, producing about 3.3 million barrels of oil per day.
About 18-21 million barrels of oil and oil products per day are moved through the Strait of Hormuz along Iran's southern coast, and there are widespread fears that hostilities could disrupt trade flows and impact supplies.
"The two-week deadline" is a tactic Trump has used in other key decisions. Often, these deadlines pass without concrete action, leading to crude oil prices remaining high and possibly building on recent gains," said OANDA analyst Tony Sycamore.