HOUSTON: Oil prices slipped on Friday as the US imposed new Iran-related sanctions marking a diplomatic approach that fed hopes of a negotiated agreement, a day after President Donald Trump said he might take two weeks to decide US involvement in the Israel-Iran conflict.

Brent crude futures were down $2.23, or 2.8 per cent, to $76.62 a barrel by 12:14pm EDT. US West Texas Intermediate crude for July was down 15 cents, or 0.2pc, at $74.99.

The more liquid August contract was down around 0.1pc, or 5 cents, to $73.45. Brent was on track to rise 3.2pc on the week, while front-month US crude futures were set to increase by 2.8pc.

The Trump administration has issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to a notice posted to the US Treasury Department website.

“Those sanctions are cutting both ways, they may be part of a broader negotiation approach towards Iran. The fact they are undertaking this is a signal they are trying to resolve this outside of conflict,” said John Kilduff, partner at Again Capital in New York.

Published in Dawn, June 21th, 2025