Oil & Gas Brent down 2% as Trump delays decision on Iran By Pramod Kumar June 20, 2025, 8:06 AM Reuters/Nathan Howard A Donald Trump supporter in front of the White House. The US president has so far refused to commit the US to military action Brent crude prices dropped more than 2 percent on Friday morning after President Donald Trump postponed by two weeks his decision on a potential US strike on Iran’s nuclear sites. Brent crude futures fell $1.95, or 2.4 percent, to $76.96 a barrel by 04:45 GMT. However, the weekly gain stands at nearly 4 percent. US West Texas Intermediate crude for July edged up 53 cents, or 0.7 percent, to $75.67. Prices surged almost 3 percent on Thursday as Israeli strikes targeted Iran’s nuclear infrastructure and Iran fired missiles and drones, which hit an Israeli hospital. Iran ranks third in oil output among Opec members, producing close to 3.3 million barrels per day. Around a fifth of global crude and oil products pass through the Strait of Hormuz and escalating hostilities might disrupt the supply route. Crude benchmarks could climb to between $120 and $130 per barrel if the conflict escalates and Iran threatens to close the Strait of Hormuz, JPMorgan has said. Goldman Sachs estimated that current tensions justify a geopolitical risk premium of about $10 per barrel, potentially lifting Brent prices past $90. Speaking at an economic forum in St. Petersburg, Russian deputy prime minister Alexander Novak said that Opec+ should stick to its plans and not scare the market with forecasts. UAE property draws Iranians, despite crisis UAE stocks shrug off Iran-Israel escalation Iran-Israel conflict cuts off Oman’s strategic town In the UAE, the Dubai Financial Market and Abu Dhabi Securities Exchange closed nearly 1 percent lower on Thursday. However, the Saudi benchmark rose 0.2 percent. Across Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent. Japan’s Nikkei dipped 0.2 percent. Spot gold prices were steady at $3,367.60 an ounce as of 00:20 GMT. Gold has declined about 2 percent so far this week. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
