Oil prices fall as Trump calls off Iran strikes
Oil prices fell on Friday, extending losses from the previous session after US President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week.
Brent futures rose $1.21 or 1.3% to $89.17 a barrel at 0042 GMT, while US West Texas Intermediate (WTI) crude climbed $1.23, or 1.4%, to $86.48. On a weekly basis, Brent was 4.2% lower, while WTI was down 4.4%.
"While this could, of course, be yet another false dawn, the market's reaction has been both swift and decisive," said IG market analyst Tony Sycamore.
US forces shoot down Iranian drones near Strait of Hormuz
US forces shot down two Iranian one-way attack drones as Tehran appeared to attempt to strike commercial ships transiting the Strait of Hormuz, a US official told Reuters on Thursday, in the latest clashes between the two nations.
"Traffic flow through the strait continues," the official said, speaking on condition of anonymity.
Welcome to the France 24 liveblog covering events in the Middle East. You can catch up on yesterday's developments here.
Yesterday's key developments:
• US President Donald Trump said he had halted plans for new military strikes on Iran, claiming negotiators were close to extending a fragile ceasefire.
• The Israeli prime minister’s office said Trump had spoken to Prime Minister Benjamin Netanyahu about an emerging "memorandum of understanding" to enter negotiations with Iran, which would include the removal of enriched material and limits on missile production.
• Responding to Trump's latest threats to Iran's oil facilities, the Iranian military command warned that "either oil and gas exports are for everyone or they will be available for no one".
(FRANCE 24 with Reuters, AP and AFP)
