Oil Prices Slip on Trump's Iran Deal Rejection

Oil prices have taken a hit on Friday, setting the stage for their first weekly loss in two weeks. Despite Brent crude futures opening higher following a report that US President Donald Trump is not interested in reviving previous deal terms with Iran, they have since fallen to $89.45 a barrel by 0035 GMT.

This decline has left both Brent and West Texas Intermediate (WTI) poised to end the week lower, with Brent down 5.3% and WTI falling 4.3%. The Wall Street Journal reported that the Trump administration has repeatedly told mediators it has no interest in reviving the June memorandum of understanding.