Brent Drops as Trump Delays Iran Strike Decision

Brent crude oil futures declined 2.3% to settle at $77 per barrel on Friday but still posted a third consecutive weekly gain.

The slight decline came as geopolitical tensions in the Middle East were tempered by President Trump’s decision to delay potential US military involvement against Iran, allowing time for possible diplomatic negotiations over its nuclear program.

However, the situation remains volatile, with Israeli Prime Minister Benjamin Netanyahu reportedly ordering intensified strikes on strategic and government sites in Iran.

Despite the heightened tensions, Iran has continued crude exports, reportedly loading 2.2 million barrels per day this week, the highest level in five weeks.

Meanwhile, oil prices found support from a sharper-than-expected drop in U.S. crude inventories, with government data earlier in the week showing the largest weekly drawdown in a year.

This mix of geopolitical risk and tightening supply helped maintain overall bullish sentiment in the oil market.