Oil prices fall as US delays decision on direct Iran involvement
Oil prices
fell on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, but remained on course for a third consecutive weekly rise.
Brent crude futures
fell $2, or 2.5%, to $76.85 a barrel by 0648 GMT but still looked set to gain more than 3% on the week.
U.S.
West Texas Intermediate crude
for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was down 14 cents, or 0.2%, to $75.
The more liquid August contract was up 0.3%, or 19 cents, to $73.69.
On Thursday prices jumped almost 3% after Israel bombed nuclear targets in Iran and Iran fired missiles and drones at Israel. The week-old war between Israel and Iran showed no signs of either side backing down.
Iran is OPEC's third-largest producer.
Brent futures trimmed previous session gains following the White House's comments that President Donald Trump would decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks.
"Oil prices surged amid fears of increased U.S. involvement in Israel's conflict with Iran. However, the White House press secretary later suggested there was still time for de-escalation," said Phil Flynn, analyst at The Price Futures Group.
"The "two-week deadline" is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action,.. which would see the crude oil price remain elevated and potentially build on recent gains," said Tony Sycamore, analyst at IG.
Emril Jamil, oil research analyst at LSEG, said the "unwavering determination" of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to increase output "may have added jitters to the market".
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Time of India
24 minutes ago
- Time of India
B-2 bombers on route to Guam just before Trump's D.C. arrival — signals mount ahead of U.S strikes on Iran
B-2 stealth bombers are on their way to Guam , just as President Donald Trump prepares for his return to Washington, D.C. The timing of this deployment is raising questions about a possible U.S. military strike on Iran , especially amid growing tensions in the Middle East. The timing couldn't be more critical. As fighting intensifies between Iran and Israel, the U.S. appears to be gearing up for possible direct involvement. Multiple military sources confirmed that six B-2 Spirit bombers, capable of carrying the GBU-57 Massive Ordnance Penetrator (MOP), are being moved to Andersen Air Force Base in Guam—a key U.S. outpost in the Pacific. According to flight data reviewed by Fox News, six B-2 Spirit bombers left Whiteman Air Force Base in Missouri this week, heading toward Andersen Air Force Base in Guam. These bombers were joined by multiple KC-46 Pegasus tankers , which help them refuel mid-air—extending their global reach. The deployment has sparked serious speculation about U.S. plans, especially since B-2s are the only aircraft that can carry the GBU-57 bunker buster , a 30,000-pound bomb built to destroy deeply buried targets like Iran's Fordow nuclear facility . Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Only 2% Traders Know this Powerful Intraday Strategy thefutureuniversity Learn More Undo Why are B-2 stealth bombers being moved to Guam now? This deployment isn't routine. The B-2 bomber is one of America's most advanced long-range weapons. It's the only aircraft designed to carry the 30,000-pound GBU-57 bunker buster, which can strike deeply buried targets like Iran's Fordow nuclear facility—one of Tehran's most fortified sites. The flight path and tanker support, including KC-46 Pegasus aerial refueling aircraft, suggest these B-2s are being prepared for missions far beyond Guam. Analysts say the bombers could soon reposition to Diego Garcia, a remote Indian Ocean island base with a clear path toward Iranian targets. Live Events A senior U.S. defense official told Fox News that these bombers are 'positioned to rapidly respond if the President gives the order.' Is the U.S. preparing for direct strikes on Iran? It certainly looks that way. Since the Iran–Israel war broke out earlier this month, U.S. forces in the Middle East have been mobilizing quickly. Fighter jets, missile defense systems, and naval assets have been moved across strategic locations including the Persian Gulf, Red Sea, and Eastern Mediterranean. Now, the focus has shifted to the skies. The B-2 deployment to Guam brings America's most precise and deadly airstrike capability closer to the conflict zone. Trump, who resumed presidential duties in January 2025, has made it clear in recent statements that Iran's nuclear escalation 'will not be tolerated.' While Washington has publicly called for a ceasefire between Iran and Israel, behind the scenes, military options are being actively reviewed. A source close to U.S. Central Command said, 'The window is narrowing. If Iran crosses the uranium enrichment threshold or hits Israeli civilian targets again, we expect a green light for strikes within days.' Could Diego Garcia be a launch point for Iran strikes? Diego Garcia is often used when the U.S. wants to strike in the Middle East without relying on regional allies' airspace. The island is British territory but leased to the U.S. military and has been a base for bomber operations in previous wars, including the Iraq and Afghanistan conflicts. If B-2s are shifted from Guam to Diego Garcia, it could be the clearest sign yet that a U.S. strike on Iran's nuclear program is imminent. The Fordow facility is buried under a mountain and would require a powerful weapon like the GBU-57, launched from a stealth platform, to destroy it. That's what makes the B-2 bomber deployment so significant at this moment. Is the U.S. preparing for a strike on Iran's nuclear sites? The signs are pointing that way. The deployment of stealth bombers , along with movements of U.S. Navy carrier strike groups like the USS Nimitz and USS Carl Vinson , show a growing military buildup. Fighter jets like the F-22 Raptor , F-16 , and F-35 have also been repositioned, along with refueling tankers and missile defense systems across key U.S. bases in the Gulf and Middle East. According to The Times, intelligence sources believe Trump could approve limited airstrikes targeting Iran's nuclear infrastructure within the next two weeks. The goal would be to weaken Iran's ability to enrich uranium without starting a full-scale war. Iran has recently warned the U.S. and Israel of 'consequences' if attacks continue. Tensions spiked after Israel reportedly struck several missile sites in Iran, with Tehran promising retaliation. With so many moving parts, Washington appears to be preparing for a worst-case scenario. What next in the Iran–Israel war? The Iran–Israel conflict has already left over 4,000 people dead on both sides, according to regional reports. Missile strikes, drone attacks, and cyber warfare have intensified in recent days. Israel reportedly targeted Iranian missile sites and IRGC positions near Isfahan and Shiraz this week, escalating Tehran's threats of retaliation. With Trump back in D.C. and briefed by top Pentagon officials, decisions are expected quickly. The President may opt for targeted airstrikes on Iran's nuclear infrastructure or command centers if Tehran crosses certain 'red lines.' While no U.S. attack has been announced officially, the presence of stealth bombers in Guam , the potential use of Diego Garcia , and the broader U.S. military mobilization all point to a readiness posture—not just a show of force. FAQs: Q1: Why are B-2 stealth bombers moving to Guam now? To prepare for possible strikes on Iran amid rising tensions. Q2: Could Diego Garcia be used for Iran airstrikes? Yes, it's a key U.S. base for long-range missions near the Middle East.
Time of India
25 minutes ago
- Time of India
Iran Israel war: When will Tehran-Tel Aviv conflict end?
Iran-Israel war has entered the second week but both countries continue relentless strikes sending shockwaves across the middle-east and the world. People on social media are urging for the solution and are asking when will this Israel Iran war end? While Iran has already rejected US President Donald Trump's 'surrender' proposal, Israel has said they were targeting the nuclear facilities and also hinted that the regime change would be the optimum outcome. Israel's military emphasized it was preparing for the possibility that the war could turn into a lengthy campaign, AP reported. Israeli Prime Minister Benjamin Netanyahu has said Israel's military operation in Iran would continue 'for as long as it takes' to eliminate what he called the existential threat of Iran's nuclear program and arsenal of ballistic missiles. Also Read - Iran Israel war latest: World War 3 fear is back after Turkey raises 'Islamic Unity' slogan to tackle Tel Aviv by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fastest Selling Plots of Mysore from 40L | 40+ Amenities PurpleBrick Learn More Undo But Netanyahu's goal could be out of reach without US help. Barring a commando raid or even a nuclear strike, Iran's underground Fordo uranium enrichment facility is considered to be out of reach to all but America's 'bunker-buster' bombs. Trump said he would put off deciding whether to join Israel's air campaign against Iran for up to two weeks. Turkish President Tayyip Erdogan on Saturday told Iran's foreign minister that resuming Iranian-U.S. talks on Tehran 's nuclear programme was the only way to achieve a solution to their dispute and the conflict with Israel, the Turkish Presidency said. Erdogan met Foreign Minister Abbas Araqchi on the sidelines of an Organisation of Islamic Cooperation meeting in Istanbul. In a statement, his office noted that Erdogan said Israel had to be stopped immediately, Reuters said. Live Events Also Read - How close is World War 3 amidst Israel Iran war? The war between Israel and Iran erupted on June 13, with Israeli airstrikes targeting nuclear and military sites, top generals and nuclear scientists. At least 722 people, including 285 civilians, have been killed in Iran and more than 2,500 wounded, according to a Washington-based Iranian human rights group. Iran has retaliated by firing more than 450 missiles and 1,000 drones at Israel, according to Israeli army estimates. Most have been shot down by Israel's multi-tiered air defences, but at least 24 people in Israel have been killed and hundreds wounded. FAQs Q1. Who is President of Turkey? A1. Turkish President is Tayyip Erdogan. Q2. When did Iran-Israel war begin? A2. The war between Israel and Iran erupted on June 13.
Indian Express
30 minutes ago
- Indian Express
World's biggest banks increased fossil fuel financing by $162 billion in 2024: Report
The world's largest 65 banks committed $869 billion in 2024 to companies in the fossil fuels sector, up from $707 billion in 2023, with State Bank of India (SBI) one of nearly 50 large banks that increased their financing for the same compared to the previous year. 'This growth in fossil fuel finance is troubling because new fossil fuel infrastructure locks in more decades of fossil fuel dependence. As the IEA's (International Energy Agency) 2024 Energy Investment Outlook report states, '(a)chieving net zero emissions globally by 2050 would mean annual investment in oil, gas, and coal falls by more than half' by 2030,' said the Fossil Fuel Finance Report 2025 by a group of eight environment organisations together called Banking on Climate Chaos Coalition. To be sure, SBI accounted for only a fraction of the total fossil fuel financing in 2024 and only saw a small increase last year compared to other lenders. As per the report, SBI was the only Indian bank in the top 65 with a $65 million increase in fossil fuel financing in 2024 from 2023 to $2.62 billion, putting it at the 47th spot out of the 65 banks, up from 49 in 2023. In comparison, JPMorgan Chase retained its top spot in the list as it gave $53.5 billion to fossil fuel companies last year, $15 billion more than it did in 2023. This is more than SBI's total fossil fuel financing of $10.6 billion from 2021 to 2024. Earlier this year in February, SBI Chairman CS Setty said the bank is targeting to be net zero in terms of emissions by 2055. Before that, the bank is aiming to have at least 7.5 per cent of its domestic gross advances to be green advances by 2030. As at the end of the quarter ended March, SBI's domestic advances stood at Rs 36.02 lakh crore. It had sanctioned a combined fund and non-fund-based limit of Rs 20,558 crore for sustainable finance activities. According to Bengaluru-based think-tank Climate Risk Horizons, coal financing is a 'huge blind spot' for Indian banks. 'Among the top 1000 BSE-listed banks as of March 2024, only Federal Bank and RBL Bank have adopted explicit coal exclusion or phase-out policies… The economics are clear: coal is no longer the cheap energy source it once was. Renewable energy and storage can now provide electricity at or below the cost of coal, with continued cost declines likely,' the think-tank's analysts said in a post in March 2025 warning that Indian banks were falling behind in the sustainable finance race. The report found that fossil fuel financing by the world's largest banks rose in 2024 after declining in 2023 came amid watering down of exclusion policies and policy rollbacks. '…what was once largely a North American trend is now going global. European banks –often seen as more progressive on climate due to the quality of their sector policies – also began backtracking,' it said. In March, American lender Wells Fargo scrapped plans to become net zero by 2050, weeks after US President Donald Trump signed an executive order announcing the country's withdrawal from the Paris Agreement. The US' withdrawal — which will take effect in early 2026 and see the world's largest economy join Iran, Libya, and Yemen as those not party to the Paris Agreement — has been part of a series of steps taken by the Trump administration to promote fossil fuels even in the face of 2024 being the hottest year ever recorded. In January, the US Treasury Department withdrew its membership of the Network of Central Banks and Supervisors for Greening the Financial System —a voluntary global coalition that looks to mobilise green finance and develop recommendations for climate-risk management in the financial sector — as part of the aforementioned executive order signed by Trump. And ahead of Trump's inauguration, the US' six largest banks left the UN-sponsored Net Zero Banking Alliance. A committee of the US Senate also approved draft legislation this week that would hit key tax incentives for clean energy. The increase in fossil fuel financing by banks in 2024 marked a reversal of decreasing lending to the segment. While nearly $3.3 trillion has been made available to fossil fuel businesses since 2021, the 65 banks in the 2025 report have committed $7.9 trillion in fossil fuel financing since the Paris Agreement came into force in 2016. In 2024, financing for acquisitions increased by $19.2 billion to $82.9 billion. While mergers and acquisitions don't directly create new infrastructure, 'this consolidation — for which bank financing is critical — is often an attempt to grow the power and competitiveness of fossil fuel companies, at a time when the world actually needs to phase out fossil fuels', the report said. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
