Oil Set For Weekly Gain Amid Iran War Concerns

(RTTNews) - Oil prices were a tad lower on Friday, after having slumped to end a two-day rally the previous day on speculation the escalation of hostilities between the U.S. and Iran will be limited.

Brent crude prices were down 0.2 percent at $76.16 a barrel but remained on track for a 6 percent weekly gain after the U.S. carried out strikes on 90 Iranian targets and Tehran retaliated by targeting American bases in Bahrain, Jordan and Kuwait. WTI crude futures were down 0.3 percent at $71.85.

Amid escalating hostilities in the Middle East, the foreign ministers of Egypt and Qatar have stressed the need to contain tensions and prevent the conflict from widening.

Fears about a return to full-blow war subsided after President Donald Trump claimed that Iran wants to "make a deal so badly," but he doesn't know if they're worthy of making a deal.

Trump's comments came after U.S. Central Command said it hit 90 Iranian targets in the latest round of strikes and Iranian armed forces retaliated by launching attacks on U.S. military infrastructure in Gulf states.

A U.S. official said the U.S. will continue "technical talks" with Iran and remains committed to finding a solution to the conflict.

Elsewhere, an overnight assault reached key oil facilities in southern Russia, adding pressure to a fuel network already strained by repeated Ukrainian strikes.

Russia said that it destroyed 376 Ukrainian drones across the country and that fires broke out at several oil facilities.