Oil prices dipped Friday as the White House postponed its decision on direct U.S. involvement in the Israel-Iran conflict. Despite this, both Brent and WTI crude remain on track for their third consecutive weekly gains, highlighting underlying market volatility.
Brent crude futures saw a notable decrease, falling $2.57, or about 3.3 percent, to settle at $76.28 a barrel. However, it's still poised to finish the week nearly 3 percent higher, indicating continued market strength.
Meanwhile, US West Texas Intermediate (WTI) crude for July saw a slight increase, reaching $75.19, while the more actively traded August contract gained 31 cents to hit $73.19.
The previous day witnessed a nearly 3 percent jump in prices after Israel's strikes on Iranian nuclear targets and Iran's retaliatory missile and drone attacks. This week-long conflict shows no signs of de-escalation from either side.
The recent retreat in Brent prices directly followed the White House's announcement that President Donald Trump will decide on U.S. intervention in the Israel-Iran conflict over the next two weeks.
Analysts are wary, noting that any "unintended action" could escalate the conflict, potentially impacting vital oil infrastructure. Concerns remain about Iran's past threats to close the Strait of Hormuz, a key shipping route, which could push oil prices to $100 per barrel if disruptions occur.
Source: https://www.arabnews.com/node/2605133/business-economy