Oil slides toward weekly loss as Iran uncertainty persists

Crude futures softened on Friday and were set to snap a two-week advance, even though both contracts had finished higher on Thursday. According to Mettis Global data, Brent was up 1.33% at $88.19 a barrel, while West Texas Intermediate fell $0.84, or 1.02%, to $81.39 a barrel by 09:25 am PST. Across the week, Brent is on track to shed 5.3% and WTI 4.3%.

A Wall Street Journal report said U.S. President Donald Trump was reluctant to revert to the conditions of an earlier accord with Iran, complicating efforts to restart diplomacy between Washington and Tehran. Citing unnamed sources, CNBC reported that the administration has repeatedly told mediators it has no plan to revive the June memorandum of understanding. On Thursday, Washington also said it was not in direct talks with Iran, even as several countries tried to bring the two sides back together.

Earlier in the week, Washington announced fresh sanctions on Iran, which it described as the toughest yet, and Tehran condemned them as hostile and inhumane. Separately, Russia threatened British military assets in or beyond Ukraine after Kyiv used British long-range cruise missiles against Russian territory. Trump, however, said Putin would not attack any NATO member and downplayed reports of a CIA warning to Russian officials.