Brent crude oil prices slowed the previous session's growth and fell by almost USD 2 on June 20 after the White House postponed a decision on US involvement in the Israeli-Iranian conflict, but they are still ready to stay in the black for a third consecutive week.
This is reported by Economic Pravda with reference to Reuters.
The report said that Brent crude futures fell by USD 1.89, or 2.4%, to USD 76.96 a barrel.
For the week, they rose by 3.8%.
The price of US West Texas Intermediate crude for delivery in July, which did not close on Thursday due to a holiday in the US and which expires on Friday, rose by 53 cents, or 0.7%, to USD 75.67.
More liquid WTI crude for August delivery rose 0.2%, or 17 cents, to USD 73.67.
Prices rose nearly 3% on Thursday as Israel bombed nuclear targets in Iran and Iran fired missiles and drones at Israel after attacking an Israeli hospital overnight.
Brent futures pared gains from the previous session after comments from the White House that President Donald Trump would decide whether the United States would intervene in the Israeli-Iranian conflict within the next two weeks.
“Oil prices rose sharply on concerns about increased U.S. involvement in Israel’s conflict with Iran. However, a White House spokesman later suggested there was still time for de-escalation,” said Phil Flynn, an analyst at The Price Futures Group.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, pumping about 3.3 million barrels of crude oil per day.
About 18-21 million barrels of oil and petroleum products per day pass through the Strait of Hormuz along Iran’s southern coast, and there is widespread concern that hostilities could disrupt trade flows and hit supplies.
The “two-week deadline” is a tactic Trump has used in other key decisions.
Often, these deadlines expire without concrete action, leaving crude prices high and potentially extending recent gains, said Tony Sycamore, an analyst at IG.
As Ukrainian News Agency earlier reported, on Friday, June 13, oil prices soared by 13%, reaching their highest level in almost five months after Israel launched strikes on Iran, which escalated the situation in the Middle East and raised fears of oil supply disruptions.
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