Dubai: Oil prices held above $100 a barrel on Friday, even as Brent headed for a deep weekly loss, with traders weighing President Donald Trump’s claim that the Iran ceasefire remains in place against fresh military clashes in the Strait of Hormuz.

Brent crude traded at $100.27 a barrel by 2.44 pm in Singapore, up 0.2%, while West Texas Intermediate was down 0.1% at $94.70. Despite the modest moves on Friday, Brent was still on course for a weekly decline of more than 7%, after hopes of a deal to reopen the Strait of Hormuz briefly pulled prices below $100 for the first time in more than two weeks.

That fall did not last.…