Oil prices fell Friday but stayed on track for a third straight weekly gain after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, according to Reuters. Brent crude dropped 2.4% per barrel but remained up nearly 4% for the week. U.S. West Texas Intermediate crude for July rose 1.1%, with the more active August contract up 0.4%. Prices had surged nearly 3% on Thursday after Israel bombed nuclear targets in Iran, prompting retaliatory strikes from Tehran. Brent trimmed gains after the White House said President Trump would decide on U.S. intervention within two weeks. Panmure Liberum analyst Ashley Kelty estimated that the current risk premium tied to the conflict is about $10 per barrel. He warned that if the conflict escalates to attacks on oil infrastructure or shipping disruptions, oil prices could reach $100 per barrel.
