Oil extended its biggest weekly drop since April 2020 as traders weighed diplomatic efforts to end the US-Iran conflict against fresh attacks in the region.
Brent front-month futures fell toward $97 a barrel after losing more than 16% last week, while West Texas Intermediate traded around $91. Crude has tumbled from a six-month high at the end of October after a Democratic sweep of US midterm elections boosted expectations that there won’t be a serious escalation in the conflict.
