Oil heads for weekly loss as Iran tensions fail to lift prices
What's new: Brent was down 5.3% for the week and WTI 4.3%, even after tougher US sanctions on Iran and stalled diplomacy.
Oil prices fell Friday and were headed for a weekly loss, breaking a two-week run of gains even as tensions involving Iran stayed elevated. Brent crude slipped 0.3% to $89.45 a barrel, while US West Texas Intermediate fell 0.3% to $83.31. For the week, Brent was set to lose 5.3% and WTI 4.3%. Prices had risen in the previous session after the Wall Street Journal reported the Trump administration was not willing to return to earlier Iran deal terms, complicating efforts to restart talks. Washington also said Thursday it was not in talks with Tehran, days after imposing what it called the toughest sanctions yet on Iran.