Oil prices down 1% on escalating US-Iran tension, but set for biggest monthly gain. How to trade now?
Oil prices retreated more than 1% on Friday after touching multi-month peaks, but remain on track for their strongest gains in years, driven by a sharp rise in risk premiums amid fears that a potential U.S. strike on Iran could disrupt global supply.
Brent crude futures were down 91 cents at $69.80 a barrel, following a 3.4% jump on Thursday that took prices to their highest level since July 31. The March contract expires later on Friday, while the more actively traded April contract slipped $1.07 to $68.52.
