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The Sun
3 hours ago
- Business
- The Sun
Oil prices fall as US delays decision on direct Iran involvement
SINGAPORE: 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'.
The Sun
3 hours ago
- Business
- The Sun
Oil prices dip as U.S. delays decision on Israel-Iran conflict
SINGAPORE: 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'.
The Star
3 hours ago
- Business
- The Star
Oil prices fall as US delays decision on direct Iran involvement
SINGAPORE: 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". - Reuters
Yahoo
4 hours ago
- Business
- Yahoo
Oil Prices Climb for Third Straight Week
Crude oil prices were set for another weekly gain today, the third in a row, as Israel and Iran continued to bomb each other with no sign of willingness on either side to switch to diplomacy. At the time of writing, Brent crude was trading at $77.04 per barrel, with West Texas Intermediate at $75.67 per barrel as the latest war in the Middle East entered its second week. The benchmarks dipped slightly from Thursday. The hostilities have pushed tanker rates sky high, along with vessel insurance, with many shippers choosing to avoid the Strait of Hormuz altogether, not least because the deployment of electronic interference warfare that scrambles the navigational systems of ships, increasing the risk of an accident. This is the biggest physical-market driver of the oil price rally, with the potential risk for supply disruption still only potential. Indeed, earlier this week, prices retreated as traders changed their bets on the absence of any attacks on Iranian oil infrastructure of Iranian moves to close the Strait of Hormuz. 'Oil prices remain high due to doubled tanker rates and ships avoiding the Strait of Hormuz,' Price Futures Group analyst Phil Flynn told Reuters. 'The risk to supply is keeping them on edge while there have been no major disruptions of Iranian exports,' he added. ING estimated earlier this week that oil flow disruption in the Strait of Hormuz could push Brent crude to $120 per barrel. 'OPEC's spare capacity would not help the market in this case, as most of it is located in the Persian Gulf. Under this scenario, we would need to see governments tap into their strategic petroleum reserves, although this would only be a temporary fix,' the bank wrote. Meanwhile, the prospects of the United States joining Israel in pounding Iran remain unclear as President Trump avoided giving a categorical answer, saying the decision on that would be made within the next two weeks. U.S. involvement in the war would quite likely push oil even higher. By Irina Slav for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
4 hours ago
- Business
- Time of India
Brent futures down nearly $2 after US 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 US 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 per cent, to $76.96 a barrel by 0255 GMT. On a weekly basis, it was up 3.8 per cent. The US West Texas Intermediate crude for July - which did not settle on Thursday as it was a US holiday and expires on Friday - was up 53 cents, or 0.7 per cent, to $75.67. The more liquid WTI for August rose 0.2 per cent, or 17 cents to $73.67. Prices jumped almost 3 per cent 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 US will get involved in the Israel-Iran conflict in the next two weeks. " Oil prices surged amid fears of increased US 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.
