Muscat: Oil prices fell Friday, affected by US President Donald Trump's announcement that a decision on his country's involvement in the Israeli-Iranian conflict could take two weeks. Brent crude futures fell USD 2.23, or 2.8 percent, to USD 76.62 a barrel, while US West Texas Intermediate (WTI) crude futures for July delivery fell 15 cents, or 0.2 percent, to USD 74.99 a barrel.

According to Qatar News Agency, US crude futures for August delivery, the most widely traded, rose 0.4 percent to USD 73.77, while Brent crude is expected to rise 3.2 percent for the week. The US Treasury Department said in a statement on its website that the Trump administration issued new Iran-related sanctions, including two Hong Kong-based entities, and others related to counterterrorism.

Its Office of Foreign Assets Control reported that the sanctions target at least 20 entities, five individuals, and three vessels.