Asian spot LNG prices at four-month high on supply concerns

Doha, Qatar: Oil prices fell on Friday after the US imposed new Iran related sanctions, signaling a diplomatic approach that boosted hopes for a negot...

Doha, Qatar: Oil prices fell on Friday after the US imposed new Iran-related sanctions, signaling a diplomatic approach that boosted hopes for a negotiated resolution. 

The move came after President Donald Trump said he could take up to two weeks to decide on US involvement in the Israel-Iran conflict. Brent crude futures settled down $1.84, or 2.33%, to $77.01 a barrel. 

US West Texas Intermediate crude for July dropped 21 cents, or 0.28%, to close at $74.93, noted Al-Attiyah Foundation in its Weekly Energy Market Review. 

Brent rose 3.7% on the week, while front-month US crude futures increased 2.7%. The Trump administration issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to the US Treasury Department website. 

The sanctions target at least 20 entities, five individuals and three vessels, according to Treasury’s Office of Foreign Asset Control. Although a major escalation is yet to occur, risks to supply from the region remain high, still hinging upon the potential for US involvement. Iran in the past has threatened to close the Strait of Hormuz, a vital route for Middle East oil exports. Oil exports so far have not been disrupted and there is no shortage of supply.