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News18
6 hours ago
- Business
- News18
Crude Oil Down 2% On Uncertainty Over US Role In Israel-Iran Tensions
Last Updated: Oil prices dipped on Friday as traders awaited the U.S. decision on involvement in the Israel-Iran conflict Crude Oil Prices: Oil prices softened on Friday as traders awaited a decision from the United States regarding its potential involvement in the ongoing Israel-Iran conflict. At 11:08 am, the Brent August contract on the Intercontinental Exchange was trading at $77.20 per barrel, over 2% lower than its previous close. White House Press Secretary Karoline Leavitt, quoting US President Donald Trump, said: 'Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks." This statement is being viewed as a pressure tactic to nudge Iran toward negotiations. Market watchers pointed out that Trump has employed similar two-week deadlines for major decisions in the past, many of which passed without any significant action. As a result, crude oil prices tend to remain elevated during such periods of strategic ambiguity. Meanwhile, Iran has issued a warning against any US intervention, stating that such a move would trigger further escalation in West Asia — a region critical to global crude oil supply. Iran, a key member of the OPEC (Organization of the Petroleum Exporting Countries), is the third-largest oil producer within the bloc, producing around 3.3 million barrels of crude oil per day. Media reports indicated that the country continues to export crude oil, with current weekly loadings at around 2.2 million barrels per day. 'Crude oil remains highly volatile, with prices reacting sharply to developments and statements related to the Israel-Iran conflict," said Rahul Kalantri, Vice President for Commodities at Mehta Equities. 'Yesterday, we saw a sharp jump in crude oil prices… but this morning we are seeing a dip after the White House stated that President Trump will decide on Iran in two weeks, calming immediate fears of escalation." Despite the temporary pullback, Kalantri noted that crude is poised for a third consecutive weekly gain. Supply Disruptions Still a Concern 'The markets remain jittery as risks of supply disruptions from Iran and broader conflict escalation loom large. Geopolitical tensions and supply fears continue to support oil prices despite temporary pullbacks," Kalantri added. Sriram Iyer, Senior Research Analyst at Reliance Securities, echoed a similar sentiment, highlighting that intensifying hostilities in West Asia continue to fuel fears of regional supply disruptions, potentially limiting any sharp downside in oil prices. As of Wednesday, the Indian crude oil basket — the average price at which Indian refiners import crude — stood at $75.91 per barrel. The average price for June so far is $68.58 per barrel, up from $64.04 in May. About the Author Location : New Delhi, India, India First Published: June 20, 2025, 12:16 IST News business » economy Crude Oil Down 2% On Uncertainty Over US Role In Israel-Iran Tensions
Shafaq News
8 hours ago
- Business
- Shafaq News
Brent futures down nearly $2 after U.S. delays decision on direct Iran involvement
Shafaq News/ Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black. Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel by 0255 GMT. On a weekly basis, it was up 3.8%. The 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 up 53 cents, or 0.7%, to $75.67. The more liquid WTI for August rose 0.2%, or 17 cents to $73.67. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. The week-old war between Israel and Iran showed no signs of either side backing down. Brent futures trimmed previous session gains following the White House's comments that President Donald Trump will 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. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. "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.
The Star
9 hours ago
- Business
- The Star
Oil set to rise for third week on escalating Israel-Iran conflict
SINGAPORE: Oil prices were on track to rise for the third straight week despite slipping on Friday, with investors on edge as the week-old war between Israel and Iran showed no signs of either side backing down. Brent crude futures fell $1.57 cents, or 2%, to $77.28 a barrel by 0030 GMT. On a weekly basis, it was up 3.9%. The 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 up 86 cents, or 1.1%, to $76. The more liquid WTI for August rose 0.7%, or 50 cents to $74. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. "Oil prices remain high due to doubled tanker rates and ships avoiding the Strait of Hormuz," said Phil Flynn, analyst at The Price Futures Group. "The risk to supply is keeping them on edge while there have been no major disruptions of Iranian exports," Flynn said. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks. The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks. "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. - Reuters
CNBC
9 hours ago
- Business
- CNBC
Brent futures down nearly $2 after U.S. delays decision on direct Iran involvement
Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black. Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel by 0255 GMT. On a weekly basis, it was up 3.8%. The 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 up 53 cents, or 0.7%, to $75.67. The more liquid WTI for August rose 0.2%, or 17 cents to $73.67. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. The week-old war between Israel and Iran showed no signs of either side backing down. Brent futures trimmed previous session gains following the White House's comments that President Donald Trump will 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. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. "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.
Time of India
11 hours ago
- Business
- Time of India
Oil set to rise for third week on escalating Israel-Iran conflict
Oil prices were on track to rise for the third straight week despite slipping on Friday, with investors on edge as the week-old war between Israel and Iran showed no signs of either side backing down. Brent crude futures fell $1.57 cents, or 2%, to $77.28 a barrel by 0030 GMT. On a weekly basis, it was up 3.9%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo The 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 up 86 cents, or 1.1%, to $76. The more liquid WTI for August rose 0.7%, or 50 cents to $74. Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. "Oil prices remain high due to doubled tanker rates and ships avoiding the Strait of Hormuz ," said Phil Flynn, analyst at The Price Futures Group. Live Events "The risk to supply is keeping them on edge while there have been no major disruptions of Iranian exports," Flynn said. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies. There was no sign of an exit strategy from either side, as Israeli Prime Minister Benjamin Netanyahu said Tehran's "tyrants" would pay the "full price" and Iran warned against a "third party" joining the attacks. The White House said on Thursday that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks. "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.
