Oil prices head for second weekly drop amid easing Iran tensions

Oil prices were headed for a second consecutive weekly decline, extending a sharp retreat from recent highs, as President Donald Trump’s comments and the expected continuation of the U.S. blockade on Iranian oil shipments eased fears of an immediate military escalation. Trump said Washington did not need an agreement with Tehran, while also warning that further U.S. military action remained possible, leaving the outlook for the conflict uncertain. Attacks on tankers in the Strait of Hormuz and on Saudi energy infrastructure continued to raise concerns about supply disruptions and keep prices volatile. Rising U.S. crude and fuel inventories, alongside signs of weaker demand for refined products, added downward pressure.