Oil falls as investors weigh chance of US intervention in Iran-Israel conflict
Ammon News - Oil prices fell on Thursday with investors hesitating to take new positions after President Donald Trump gave mixed signals on potential U.S. involvement in the Israel-Iran conflict, while the Federal Reserve left interest rates unchanged.
Brent crude futures fell 20 cents, or 0.26%, to $76.5 a barrel by 0421 GMT, after gaining 0.3% in the previous session when high volatility saw prices fall as much as 2.7%.
U.S. West Texas Intermediate crude for July fell 4 cents, or 0.05% to $75.10 a barrel, after settling up 0.4% in the previous when it dropped as much as 2.4%.
The July contract expires on Friday and the more active August contract was down 8 cents, or 0.11%, to $73.42 a barrel.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day (bpd) of crude oil.
About 19 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast and there is widespread concern the fighting could disrupt trade flows.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Ammon
44 minutes ago
- Ammon
King delivers address at European Parliament
Ammon News - His Majesty King Abdullah II delivered an address at the European Parliament's headquarters in Strasbourg, France on Tuesday. In the address, His Majesty noted that with Israel expanding its offensive to include Iran, it is now impossible to know where the boundaries of this battle will end, threatening people everywhere. The King said that what is happening in Gaza is contrary to international law, moral standards and shared values, especially as violations continue in the West Bank, and the situation is worsening by the day. His Majesty noted that Palestinians deserve the rights to freedom and sovereignty, and to establish their own independent state. The King said the world is experiencing wave after wave of turmoil, becoming 'untethered—like it has lost its moral gravity', noting that these junctures of history are critical moments that require the world to cling to its values and not abandon them. His Majesty added that true security lies not in the power of armies, but in the power of shared values, and peace imposed by force or fear will never last. The King touched on the founding of the European Union, when Europe's choices helped shape a more stable, principled world, highlighting that Jordan's firm belief in the shared values of the three monotheistic religions is rooted in its history and heritage, which drives the Kingdom's national principles of tolerance and mutual respect. His Majesty added that these values are at the heart of the Hashemite Custodianship of Muslim and Christian holy sites in Jerusalem, whose historical and multi-religious identity Jordan has vowed to protect from any attack. To read the full speech here.
Ammon
3 hours ago
- Ammon
FM begins working visit to Paris
Ammon News - Deputy Prime Minister and Minister of Foreign and Expatriates Affairs, Ayman Safadi, began a working visit to Paris on Thursday. During the visit, Safadi is scheduled to meet with French Minister for Europe and Foreign Affairs Jean-Noël Barrot, to discuss bilateral relations between the two friendly countries and developments in the region. Petra
Ammon
4 hours ago
- Ammon
Jordan, Germany sign €35 million grant agreements to support local entrepreneurship
Ammon News - The Ministry of Planning and International Cooperation has signed three grant agreements with the German Development Bank (KfW) totaling €35 million, to implement the "Employment through Local Entrepreneurship" project. The agreements were signed in the presence of German Ambassador to Jordan Bertram von Moltke, and KfW's Country Director, Matthias Schmidt-Rosen, who represented the bank. Minister of Planning and International Cooperation Zeina Toukan expressed Jordan's appreciation for Germany's ongoing commitment to supporting national development goals. She described the grants as a meaningful step forward in the strategic partnership between the two countries. According to Toukan, the project will empower micro, small, and medium-sized enterprises (MSMEs), improve access to finance, and promote a more inclusive entrepreneurial environment, particularly by supporting women's economic participation, in line with the Kingdom's Economic Modernization Vision.
