Oil slows advance as Trump U-turns on retaliatory Iran strike

Brent oil pared its biggest weekly gain in four months after President Donald Trump pulled back from retaliatory strikes on Iran for downing a US drone as tensions flare in the Middle East.

BY BLOOMBERG NEWS, SHARON CHO

Futures erased gains in London on Friday after the New York Times reported that the strike was called off, but are still up 4 percent for the week. Trump said earlier Thursday it was hard to believe the downing of the drone in the Persian Gulf was intentional, suggesting a “loose and stupid”individual may have been responsible. Hostility in the region has escalated recently with a missile strike by Yemeni rebels on Saudi Arabia and the attack on two tankers near the Strait of Hormuz, which the US blamed on Iran.

Already a subscriber?Log in here

Read the whole article

Get access for 14 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

Rocket strikes international oil companies in Iraq
For subscribers
US says video shows Iran was involved in an attack on tanker
For subscribers
Oil tanker attacked in waters off Fujairah

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

European Energy focuses primarily on wind, solar and PtX in Poland. | Photo: European Energy

Renewables

European Energy reaches Polish milestone

The Danish developer’s capacity in the country now exceeds 130MW.

For subscribers

To identify where the biggest savings can be made, Wärtsilä can create so-called digital twins of an existing vessel. | Foto: Sune Høegh, Mediaspektrum

Cleantech

Wärtsilä sees more carriers improving efficiency instead of switching fuel

For subscribers

Ocean Winds, alongside an old partner, will bid for 1 GW in an upcoming French offshore wind tender. | Photo: Ocean Winds

Renewables

Ocean Winds strengthens French collaboration

For subscribers

Oil & Gas

Semco Maritime lands Halfdan contract

For subscribers

From left to right: Eurowind CEO Jens Rasmussen together with people from the company's Special Task Unit, which will be responsible for the new facility. | Foto: Eurowind Pr

Cleantech

Eurowind takes over Danish hydrogen plant

For subscribers

Policy & Trading

World's first energy island sees political approval

Concerns over oil supplies overshadow high interest rates
Higher interest rates make it more expensive for consumers and businesses to borrow money, which can slow growth and dampen oil demand.
Iberdrola cancels another offshore wind farm project
The best way forward is to ditch the contract and try again, says the Spanish company’s US subsidiary.
For subscribers
Crown Estate updates floating wind tenders
Offshore Wind Leasing Round 5 aims to establish new floating OSW technology off the coast of Wales and South West England.
TotalEnergies and Corio make bid for 1.3GW tender in New Jersey
The two companies’ joint venture, Attentive Energy, is hoping for a win in the state’s third offshore wind tender.
For subscribers
Equinor named as potential buyer for Wintershall Dea
TotalEnergies is also mentioned as a potential candidate, according to media Reuters.
For subscribers
Wavepiston needs to triple investments to reach goal
The Danish wave energy developer is looking into several demonstration projects that will hopefully pave the way for full-scale commercialization.
For subscribers