Oil prices settle lower as US sanctions ease fears of escalation in Iran
Ammon News - Oil prices settled down on Friday as the U.S. imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement, a day after President Donald Trump said he might take two weeks to decide U.S. involvement in the Israel-Iran conflict.
Brent crude futures settled down $1.84, or 2.33%, to $77.01 a barrel.
U.S. West Texas Intermediate crude for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was down 21 cents, or 0.28%, at $74.93.
The more liquid August contract settled at $73.84.
Brent rose 3.6% on the week, while front-month U.S. crude futures increased 2.7%.
The Trump administration issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to a notice posted to the U.S. Treasury Department website.
Oil prices jumped almost 3% on Thursday after Israel bombed nuclear targets in Iran, while Iran - OPEC's third-largest producer - fired missiles and drones at Israel. Neither side showed any sign of backing down in the week-old war. Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Ammon
36 minutes ago
- Ammon
New York Times: Khamenei nominates three names to succeed him
Ammon News - New York Times reported on Saturday that Iranian Supreme Leader Ali Khamenei has named three senior clerics as potential successors in the event of his assassination. Khamenei, fearing assassination, often speaks with his commanders through a trusted aide now, suspending electronic communications to make it harder to find him, three Iranian officials familiar with his emergency war plans say. Iran's top officials are also quietly making preparations for a wide range of outcomes as the war intensifies and as President Trump considers whether to enter the fight, according to the Iranian officials, who insisted on anonymity because they were not authorized to speak publicly about the ayatollah's plans. Ayatollah Khamenei, 86, is aware that either Israel or the United States could try to assassinate him, an end he would view as martyrdom, the officials said. Given the possibility, the ayatollah has made the unusual decision to instruct his nation's Assembly of Experts, the clerical body responsible for appointing the supreme leader, to choose his successor swiftly from the three names he has provided. Normally, the process of appointing a new supreme leader could take months, with clerics picking and choosing from their own lists of names. But with the nation now at war, the officials said, the ayatollah wants to ensure a quick, orderly transition and to preserve his legacy.
Jordan News
36 minutes ago
- Jordan News
Trump Issues New Statement on Israeli-Iranian War - Jordan News
In a statement early Saturday morning, former U.S. President Donald Trump said, "I will never receive the Nobel Peace Prize no matter what I do regarding Russia, Ukraine, Israel, or Iran—regardless of the outcomes." اضافة اعلان Trump added, "It is not possible to eliminate all of Iran's nuclear facilities, and it may not even be necessary." Earlier on Friday night, the White House stated that if Iran were to fully acquire the components of a nuclear weapon, it could be ready for use within weeks.
Ammon
an hour ago
- Ammon
Two arrested following courtroom brawl
Ammon News - A Sharia judge at a Sharia court has ordered that two individuals, who engaged in a fight inside the courtroom, be detained for one week each in a reform and rehabilitation center for violating the sanctity of the court, according to a security source. The source indicated that screams, arguments, and insults between two individuals were heard inside a Sharia court, leading security forces to intervene and arrest them. A judge in the court decided to detain them for a week, on charges of violating the sanctity of the courts.
