I feel jealous over the relationship between my friend and another lad?

i have a best friend called laura and although this may sound cheesy, we can tell each other anything without fear of being judged. us too and this lad occasionally go after school and have a cigarette and generally have a good time. i know this sounds bad already but please, i need someones help. in the past, laura and this lad have gone out twice, had a period of being friends with benefits and although they seem to fall out regularly, they always somehow make up. the lad in particular is called james and is a massive player - gets with many girls and goes out most weekends - i know his sounds trouble already. recently, me and james have started to talk more, and my friend joked that we were getting close and she didn't mind if i had a bit of fun with him, urging it in fact. once i found myself walking back with him alone whilst my Friend had a detention. we went to the park to have a cigarette and i got off with however only ot the point of snogging and feeling up. when i told my friend about this she was pleased and stuff. this happened again and to the point where i gave him a hand job and he fingered me. before all that happened with me and james, although i had deep down like him, i had always thought i had never had a chance but now things had changed. he spoke to me on facebook and we had laughs. however, lately laura and james have made up and are at major flirting level again. i feel kinda hurt. i know i never really had a chance but i still can't help feeling really jealous. should i confront my friend about it or leave them be?