Oil Set for Weekly Drop as Trump Sticks to Ceasefire After Clash

Oil headed for a deep weekly loss as President Donald Trump said that a ceasefire with Iran still held despite renewed clashes between US and Iranian forces, sustaining speculation a deal may be struck.

Brent failed to hold early gains, trading steady above $100 a barrel and set for a weekly drop of more than 7%. US forces hit military targets in Iran after the country fired on three destroyers in the Strait of Hormuz, US Central Command said. Still, the command added that it “does not seek escalation.”