Oil Posts Best Week Since 2016 as Trump Calls Off Iran Raids
- Recall of U.S. bombers sends ‘very confusing’ message: Yergin
- WTI up almost 10% this week; gasoline surges on refinery fire
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Oil rocketed to its biggest weekly gain in more than two years as U.S. President Donald Trump’s aborted air strikes against Iran left Middle East tensions simmering with the endgame uncertain.
Crude futures rose in New York on Friday to complete a 9.4% rally for the week. Trump tweeted that he called off raids because of concern the death toll wouldn’t have been “proportionate” to Iran’s downing of an American spy drone earlier this week. Trump said he was in “no hurry” to respond, despite a series of provocations in the oil-rich region.