A model of an Iranian missile in Tehran. Donald Trump says the US has reached a 'great settlement' to end the Iran war. ReutersA model of an Iranian missile in Tehran. Donald Trump says the US has reached a 'great settlement' to end the Iran war. ReutersCrude heads for second weekly loss amid latest developments in regional conflict
Brent fell 2.16 per cent to $88.43 a barrel and WTI slid 2.04 per cent to $85.92, heading for a second weekly loss.
Donald Trump called off strikes and signalled a “great settlement” with Iran that could be signed within days, easing geopolitical risk.
Ahmad Assiri, a market strategist, said a deal to reopen the Strait of Hormuz has deflated the risk premium but formal signing is unlikely before early next week.
Iran has not yet confirmed the agreement, keeping weekend headline risk elevated and the potential for a sharp price reversal if talks unravel.
