Crude oil prices eased in the global market on Friday, with the benchmark Brent crude futures trading 2 per cent lower at $77.24 a barrel, amid reports that President Donald Trump would take another two weeks to decide on whether the US will intervene in the escalating conflict between Israel and Iran.

The uncertainties in the Middle East region have impacted global crude oil markets, with Brent hovering in the range of $73-76 per barrel (bbl) over the past one week — up from an average of $65 per bbl during April-May 2025. If crude oil prices continue to be elevated over longer periods, it could impact India Inc’s profits, the report points out.

White House Press Secretary Karoline Leavitt cited President Trump as saying: “Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks.”

The oil market has reacted to Trump mentioning that negotiations could be held to ease tensions in the Middle East, according to analysts. Iran has warned against US intervention in the present situation. Any such intervention would lead to further escalation of tensions in West Asia, the largest crude oil exporting region. A wider Middle East conflict with impact on Saudi Arabia, Iraq, Kuwait and UAE oil supplies can lead to a sharp spike in oil prices.

Israel’s strikes have targeted Iran’s nuclear sites and missile bases, but the Islamic country’s oil facilities have not been attacked.According to a report by Emkay Global, Iran produces around 3.3 million barrels per day (mbpd) of crude oil (3 per cent of global) and exports around 1.5 mbpd, with China being the main importer (80 per cent), followed by Turkey.