Oil Claws Back Some Losses on Iran Risks Heading Into Weekend

Oil edged higher at the end of a volatile week, as traders weighed tensions in Iran and positive sentiment in wider markets.

West Texas Intermediate settled near $60 a barrel after plunging 4.6% on Thursday, the most since June. President Donald Trump said in a social media post that he “greatly” respects Iran’s decision to cancel scheduled hangings of protesters. His rhetoric over recent days has reduced expectations of an immediate US response to violent protests in the Islamic Republic, which could have led to disruptions to the country’s roughly 3.3 million barrel-per-day oil production, as well as shipping.