05:08 AM EDT, 06/20/2025 (MT Newswires) -- Crude oil prices dropped after the White House delayed a decision on the US' involvement in the Israel-Iran conflict for two weeks.

Brent crude at last look fell 2% to US$77.23/barrel, while West Texas Intermediate crude was up 0.7% to US$75.66/b as it did not settle on Thursday due to the Juneteenth holiday.

There are no signs of either Iran or Israel backing down from the conflict, which is still causing market concerns about potential impacts on oil supply and infrastructure in the region, Reuters reported on Friday, citing analysts.

Commercial ships are sailing close to Oman and maritime agencies are advising ships to avoid Iranian waters, Reuters quoted shipping sources as saying earlier this week. A closure of the Strait of Hormuz, which Iran has threatened in the past, could restrict trade and push oil prices higher.

"I think the current risk premium is close to $10/bbl for Iran-Israel, but I don't see prices tracking back to $60s in near term," Reuters quoted Panmure Liberum analyst Ashley Kelty as saying.