Oil extends losses as Trump calls off planned strikes on Iran

Oil prices fell on Friday, extending losses from the ​previous session after US President Donald Trump canceled ‌plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.21 or ​1.3% to $89.17 a barrel at 0042 GMT, while ​US West Texas Intermediate (WTI) crude was $1.23, or 1.4%, ⁠lower at $86.48. On a weekly basis, Brent was 4.2% ​lower, while WTI was down 4.4%. Trump, who had threatened to ​hit Iran “very hard,” called off planned strikes on Thursday, saying discussions with Iran had progressed.