Oil prices retreated on Friday on hopes of a resumptions in negotiations, but notched sharp weekly gains after soaring above $100 a barrel.

Oil prices jumped more than 3% today, pushing international Brent crude past the $100 threshold for the first time since July as salvos between the U.S. and Iran escalated.

President Donald Trump said Wednesday that he expects Iran will abandon its war effort after the US midterm elections – and he conceded American gas prices are unlikely to fall…