Oil on track to post second weekly decline as Trump eases fears of renewed war with Iran
According to The National, oil prices are on track for a second weekly decline. US President Donald Trump indicated this week that he does not plan to resume war with Iran following his party's losses in the midterm elections, stating that the US no longer seeks a deal with Tehran. However, prices remain volatile due to ongoing attacks on ships in the Strait of Hormuz and strikes on Saudi energy infrastructure by Yemen's Houthis. The UK Maritime Trade Operations agency reported that a tanker was struck by a projectile in the Arabian Gulf, resulting in casualties. Meanwhile, gold prices rose 1 per cent to $3,917.70 per ounce on Friday after hitting a more than one-year low in the previous session.