Hi there! First off, sex is a very passionate act, and you should only do it if you are ready. If you do it too soon, you may get hurt in the relationship. Only do it if you truly feel like you and the other person really have a bond and think that you are ready for sex.
Beware of the consequences if you do have sex. Make sure that you have a lot of lubrication to prevent physical damage. You may want to think of going on birth control to make sure that you will not get pregnant. Condoms are a must for protection. It is a good idea to be on the pill and use condoms just to be sure.
It is normal to get frozen and confused in those awkward situations. You need to tell him that you really need to think it over, even though you sub-consciously promised him that you would have sex with him. You really need to think whether you really want to. Keep in mind the consequences if you do have sex and fail to have the proper protection. I am not saying to do it or not to do it. Just do what you really want to do. If you want to wait, then tell him that you aren't ready. If he really loves you, then he will understand.
It really shouldn't matter what your friends say. Through all your dating, I am pretty sure that you know him pretty well, and you can judge that for yourself. Don't give in to what other people think. Make your own decisions about it.
If you are only 14, then you seriously might consider waiting until you are ready. Many people have lost their virginity at an early age and regretted it, but others don't regret it at all. Just do what you think is right. If you honestly think that you are ready, then go for it! If you don't feel ready, then don't do it, and wait until you are ready.
I hope that my advice helped you. If you want to talk further, you can always talk to me. Take care and good luck!
-Chris-