Brent loses almost $2 after US delays decision on Iran
White House says Donald Trump will decide whether US will get involved in the conflict in the next two weeks
20 June 2025 - 07:35
bySudarshan Varadhan
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Singapore — 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 consecutive week in the black.
Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel by 2.55am GMT. On a weekly basis, it was up 3.8%.
The US West Texas Intermediate (WTI) crude for July — which did not settle on Thursday as it was a US holiday and expires on Friday — was up 53c, or 0.7%, to $75.67. The more liquid WTI for August rose 0.2%, or 17c 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 would decide whether the US would 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 oil cartel Opec, extracting about 3.3-million barrels a day of crude oil.
About 18-million to 21-million barrels a day 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.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Brent loses almost $2 after US delays decision on Iran
White House says Donald Trump will decide whether US will get involved in the conflict in the next two weeks
Singapore — 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 consecutive week in the black.
Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel by 2.55am GMT. On a weekly basis, it was up 3.8%.
The US West Texas Intermediate (WTI) crude for July — which did not settle on Thursday as it was a US holiday and expires on Friday — was up 53c, or 0.7%, to $75.67. The more liquid WTI for August rose 0.2%, or 17c 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 would decide whether the US would 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 oil cartel Opec, extracting about 3.3-million barrels a day of crude oil.
About 18-million to 21-million barrels a day 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.
Reuters
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.