Oil Prices Decline Amid Continued Tensions In Middle East

Singapore: Global oil prices fell on Friday after the United States announced a delay in deciding whether to intervene in the military escalation between Israel and Iran. Prices remain on track for weekly gains, driven by concerns that geopolitical tensions could disrupt global supplies.

Brent crude futures dropped USD 1.89, or 2.4 percent, to USD 76.96 a barrel, though they have risen 3.8 percent so far this week.

Conversely, US West Texas Intermediate futures for July delivery climbed USD 0.53, or 0.7 percent, to USD 75.67 a barrel. The most actively traded US crude contract for August rose 0.2 percent to USD 73.67.

Prices had gained nearly 3 percent in Thursday's session but later declined after the White House stated that President Donald Trump will finalize a decision on potential US intervention in the Israel‐Iran military escalation within the next two weeks - allowing markets time to reassess escalation risk.

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