By Myra P. Saefong and Victor Reklaitis

President Donald Trump has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.

By Myra P. Saefong and Victor Reklaitis

Oil prices dropped Friday, extending previous losses as U.S. President Trump canceled planned strikes on Iran, easing fears of escalating hostilities. Brent futures fell 1.3% and…