Brent fell 2% for uncertainty about US participation in Israel-Iran conflict | Mint

The Brent August contract has dropped, while concerns about supply disruption and geopolitical tensions still affect the volatility in the market. Hostility in Western Asia still fueled the fear of the disruption of the local crude oil and could be any disadvantage. (Beeld: Pixabay) New Delhi: Oil prices relieved on Friday morning when traders were waiting for the US’s decision for his participation in the Israeli-Iran conflict. The Brent August contract on the Intercontinental Exchange traded at $ 77.20 a barrel at 10.08 hours, more than 2% lower than the previous closure. The White House said on Thursday that President Donald Trump will decide whether the US will be directly involved in the Iran-Israel conflict within the next two weeks. Read also | Rough outside the current levels to influence the GDP of India, estimate “crude oil remains very volatile, with prices that respond sharply to developments and statements related to the Israeli-Iran-Iran conflict,” said Rahul Kalantri, vice president of commodities at Mehta Equities. “Yesterday we saw a sharp leap in crude oil prices … but this morning we see a fall in prices after the White House said that President Trump will decide on Iran in two weeks, and calm the immediate fear of escalation.” Yet oil is set to a third consecutive weekly profit, Kalantri added. Offer disorders “The markets remain brilliant, as the risks of supply disruption of Iran and broader conflict scalation are great. Geopolitical tension and supply fear still support oil prices despite temporary withdrawals,” he said. Sriram Iyer, senior research analyst at Reliance Securities, noted that increasing hostilities in Western Asia have still fueled the fear of regional offering disorders and could be any disadvantage. The Indian crude basket, which represents the price at which Indian refining oil was $ 75.91 a barrel on Wednesday. The average price in June stands at $ 68.58 a barrel, compared to $ 64.04 in May.