Washington: Oil prices fell at the end of trading on Friday, marking the first decline in four sessions, as hopes rose for a de-escalation in the Middle East conflict. This downturn followed the White House’s decision to postpone any potential US intervention in the ongoing Israeli-Iranian conflict, now in its eighth day with continued exchanges of attacks between the two nations.

According to National Iraqi News Agency, despite Friday’s drop, oil prices recorded weekly gains, as the protracted conflict between Israel and Iran showed no signs of abating. The prices had surged in the preceding sessions over concerns of potential supply disruptions stemming from the hostilities. On Thursday, oil prices saw a significant increase, continuing a three-day streak of gains due to these fears.

At the close of trading on Friday, Brent crude futures for August 2025 delivery decreased by 2.3%, settling at $77.01 per barrel, yet still managed a 3.7% gain for the week. Similarly, US West Texas Intermediate (WTI) crude f
utures for July 2025 delivery declined 0.28% to $74.93 per barrel, achieving a weekly gain of 2.7%, as reported by data monitored live by a Washington-based energy platform.

Thursday’s trading session witnessed a nearly 3% jump in oil prices following significant military actions, including Israel’s bombing of nuclear targets in Iran and subsequent retaliatory missile and drone attacks by Iran on Israel after an overnight bombing of an Israeli hospital. However, Brent crude futures retraced some of these gains after the White House indicated that President Donald Trump would decide within two weeks whether the US would take action in response to the Israeli-Iranian tensions.