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 WTI crude declined 1.4%. Despite Iran's earlier threat to close the Strait of Hormuz, commercial ships continued to transit the waterway.

LONDON, June 12 : Oil prices fell over 4 per cent on Friday to their lowest in nearly two months after U.S. President Donald Trump cancelled new strikes on Iran, reducing fears of…

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…