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.
Photo: Nabil al-Jurani
Photo: Nabil al-Jurani
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 stupidindividual 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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