Oil prices dropped on Friday, June 20, 2025, after the United States Government delayed a decision on U.S. involvement in the Israel-Iran conflict.
Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel by 0255 GMT. On a weekly basis, it was up 3.8%.
The 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 up 53 cents, or 0.7%, to $75.67.
The more liquid WTI for August rose 0.2%, or 17 cents to $73.67.
Prices jumped almost 3% on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight.
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The week-old war between Israel and Iran showed no signs of either side backing down, Reuters reported.
Brent futures trimmed previous session gains following the White House’s comments that President Donald Trump will decide whether the U.S. will get involved in the Israel-Iran conflict in the next two weeks.
“Oil prices surged amid fears of increased U.S. involvement in Israel’s conflict with Iran. However, the White House press secretary later suggested there was still time for de-escalation,” an analyst at The Price Futures Group, Phil Flynn, said.
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