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.

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