DTN Oil Update
Oil Retreats After US Delays Iran Decision
VIENNA (DTN) -- Oil futures dropped Friday morning after U.S. President Trump said the decision on direct military involvement in the Israel-Iran war will be made over the next two weeks, easing concerns over an immediate U.S. strike.
NYMEX-traded WTI for July dropped $0.19 bbl to trade near $74.95 bbl, and ICE Brent for August delivery fell $2.58 bbl to $76.27 bbl.
July RBOB gasoline futures softened $0.0016 to $2.3070 gallon, while the front-month ULSD futures contract advanced $0.0534 to trade near $2.5868 gallon.
The U.S. Dollar Index softened by 0.143 points to 98.325.
Oil prices were still on track for weekly gains as the Israel-Iran war shows no signs of cooling. Earlier this week, U.S. President Trump called for the Iranian regime's "unconditional surrender," spurring fears of U.S. involvement in the conflict. The White House has now postponed a decision for two weeks, citing a "substantial chance of negotiations."
On Friday, European Foreign ministers are set to meet with Iran's foreign minister Araqchi in Geneva. Earlier, senior officials in Teheran have reiterated their willingness to discuss limitations on uranium enrichment.
Karim Bastati can be reached at Karim.Bastati@dtn.com
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