Oil volatile as investor track US position on Iran-Israel conflict

Oil drilling rigs

Oil prices were mixed today, June 19, as investors assessed whether the US would join Israel in its attacks on Iran, as the conflict entered its seventh day.

Brent crude was trading down 0.15% at $76.57 a barrel, at 08:01 am Makkah time. West Texas Intermediate (WTI) crude held at $75.09 a barrel.

Earlier, President Donald Trump indicated the possibility of US intervention in the Iran-Israel conflict but did not make a final decision, leading to market uncertainty and prompting investors to avoid taking new positions, Reuters reported.

Tony Sycamore, Market Analyst at IG, said in a note to clients that there is still a reasonable risk premium built into prices as investors wait to see whether the next phase of the conflict between Israel and Iran will be a US strike or peace talks.