Oil prices fall as US delays decision on direct Iran involvement
fell on Friday after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict, but remained on course for a third consecutive weekly rise.
Brent crude futures
fell $2, or 2.5%, to $76.85 a barrel by 0648 GMT but still looked set to gain more than 3% on the week.
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 14 cents, or 0.2%, to $75.
The more liquid August contract was up 0.3%, or 19 cents, to $73.69.
On Thursday prices jumped almost 3% after Israel bombed nuclear targets in Iran and Iran fired missiles and drones at Israel. The week-old war between Israel and Iran showed no signs of either side backing down.
Iran is OPEC's third-largest producer.
Brent futures trimmed previous session gains following the White House's comments that President Donald Trump would 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," said Phil Flynn, analyst at The Price Futures Group.
"The "two-week deadline" is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action,.. which would see the crude oil price remain elevated and potentially build on recent gains," said Tony Sycamore, analyst at IG.
Emril Jamil, oil research analyst at LSEG, said the "unwavering determination" of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to increase output "may have added jitters to the market".
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Business Standard
21 minutes ago
- Business Standard
Trump plays golf in Scotland as protesters rally against his visit
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First Post
21 minutes ago
- First Post
Cambodia, Thailand agree to ceasefire talks following Trump's warning
US President Donald Trump announced on Saturday that Cambodian and Thai leaders have agreed to meet immediately to negotiate a ceasefire, following three days of intense border fighting. read more A Cambodian military personnel stands on a BM-21 Grad multiple rocket launcher, around 40 km (24 miles) from the disputed Ta Moan Thom temple, after Thailand and Cambodia exchanged heavy artillery on Friday. Reuters US President Donald Trump said on Saturday that Cambodian and Thai leaders had agreed to meet immediately to work out a cease-fire, as he sought to broker peace after three days of fighting along their border. During a visit to Scotland, Trump stated on social media that he had spoken with Cambodian Prime Minister Hun Manet and Thailand's acting prime minister, Phumtham Wechayachai, and warned them that if the border conflict continued, he would not make trade deals with either of the Southeast Asian governments. STORY CONTINUES BELOW THIS AD 'Both Parties are looking for an immediate Ceasefire and Peace,' Trump wrote as he gave a blow-by-blow account of his diplomatic efforts. Before Trump spoke to the two leaders, clashes on the Thai-Cambodian border persisted into a third day and new flashpoints emerged on Saturday as both sides said they had acted in self-defense in the border dispute and called on the other to cease fighting and start negotiations. More than 30 people have been killed and more than 130,000 people displaced in the worst fighting between the Southeast Asian neighbours in 13 years. There were clashes early on Saturday, both sides said, in the neighbouring Thai coastal province of Trat and Cambodia's Pursat Province, a new front more than 100 km (60 miles) from other conflict points along the long-contested border. The two countries have faced off since the killing of a Cambodian soldier late in May during a brief skirmish. Troops on both sides of the border were reinforced amid a full-blown diplomatic crisis that brought Thailand's fragile coalition government to the brink of collapse. As of Saturday, Thailand said seven soldiers and 13 civilians had been killed in the clashes, while in Cambodia five soldiers and eight civilians had been killed, said Defense Ministry spokesperson Maly Socheata. Following calls for restraint on both sides from Trump's senior aides, he became directly involved on Saturday, speaking to each leader and saying he relayed messages back and forth. STORY CONTINUES BELOW THIS AD 'They have agreed to immediately meet and quickly work out a Ceasefire and, ultimately, PEACE!,' Trump wrote, saying both countries wanted to get back to the 'Trading Table.' He has sought to reach separate deals with dozens of countries in response to his announcement of wide-ranging tariffs on imports to the U.S. 'When all is done, and Peace is at hand, I look forward to concluding our Trading Agreements with both!' Trump said. He offered no details on the ceasefire negotiations he said Thailand and Cambodia had agreed to hold. The Thai and Cambodian embassies in Washington did not immediately respond to requests for comment. In the Thai border province of Sisaket, a university compound has been converted into temporary accommodation, where a volunteer said more than 5,000 people were staying. Samrong Khamduang said she left her farm, about 10 km from the border, when fighting broke out on Thursday. The 51-year-old's husband stayed behind to look after livestock. STORY CONTINUES BELOW THIS AD 'We got so scared with the sound of artillery,' she said. 'But my husband stayed back and now we lost the connection. I couldn't call him. I don't know what is happening back there.' In Kuala Lumpur, Malaysian Prime Minister Anwar Ibrahim, the chair of the ASEAN regional bloc, said he would continue to push a ceasefire proposal. Cambodia has backed Anwar's plan, while Thailand has said it agreed with it in principle. 'There is still some exchange of fire,' Anwar said, according to state news agency Bernama. He said he had asked his foreign minister 'to liaise with the respective foreign ministries and, if possible, I will continue engaging with them myself – at least to halt the fighting'. Security council meeting Thailand's ambassador to the United Nations told a Security Council meeting on Friday that soldiers had been injured by newly planted land mines in Thai territory on two occasions since mid-July - claims Cambodia has strongly denied - and said Cambodia had then launched attacks on Thursday morning. STORY CONTINUES BELOW THIS AD 'Thailand urges Cambodia to immediately cease all hostilities and acts of aggression, and resume dialogue in good faith,' Cherdchai Chaivaivid told the council in remarks released to media. Cambodia's defense ministry said Thailand had launched 'a deliberate, unprovoked, and unlawful military attack' and was mobilizing troops and military equipment on the border. 'These deliberate military preparations reveal Thailand's intent to expand its aggression and further violate Cambodia's sovereignty,' the ministry said in a statement on Saturday. Cambodia called for the international community to 'condemn Thailand's aggression in the strongest terms' and to prevent an expansion of its military activities, while Bangkok reiterated it wanted to resolve the dispute bilaterally. Thailand and Cambodia have bickered for decades over jurisdiction of various undemarcated points along their 817-km (508-mile) land border, with ownership of the ancient Hindu temples Ta Moan Thom and the 11th century Preah Vihear central to the disputes. Preah Vihear was awarded to Cambodia by the International Court of Justice in 1962, but tension escalated in 2008 after Cambodia attempted to list it as a UNESCO World Heritage site. STORY CONTINUES BELOW THIS AD That led to skirmishes over several years and at least a dozen deaths. Cambodia in June said it had asked the court to resolve its disputes with Thailand, which says it has never recognized the court's jurisdiction and prefers a bilateral approach.
NDTV
29 minutes ago
- NDTV
NASA To Lose About 20% Of Staff Amid Trump's Federal Workforce Cuts
The US space agency NASA will lose about 3,900 employees under Donald Trump's sweeping effort to trim the federal workforce -- at the same time as the president prioritizes plans for crewed missions to the Moon and Mars. In an emailed statement, NASA said around 3,000 employees took part in the second round of its deferred resignation program, which closed late Friday. Combined with the 870 who joined the first round and regular staff departures, the agency's civil servant workforce is set to drop from more than 18,000 before Trump took office in January to roughly 14,000 -- a more than 20 percent decrease. Those leaving the National Aeronautics and Space Administration on the deferred resignation program will be placed on administrative leave until an agreed departure date. An agency spokesperson said the figures could shift slightly in the coming weeks. "Safety remains a top priority for our agency as we balance the need to become a more streamlined and more efficient organization and work to ensure we remain fully capable of pursuing a Golden Era of exploration and innovation, including to the Moon and Mars," the agency said. Earlier this year, the Trump administration's proposed NASA budget put a return to the Moon and a journey to Mars front and center, slashing science and climate programs. The White House says it wants to focus on "beating China back to the Moon and putting the first human on Mars." China is aiming for its first crewed lunar landing by 2030, while the US program, called Artemis, has faced repeated delays. NASA is still run by an acting administrator after the administration's initial pick to lead the agency, tech billionaire Jared Isaacman -- endorsed by former Trump advisor Elon Musk -- was ultimately rejected by the Republican president.
