Oil gains 10% for week as Trump mulls 'massive' attack on Iran

Oil prices dropped Friday on a report that Pakistan is looking for a way to restart talks between the U.S. and Iran.

Brent crude futures , the international benchmark, fell nearly 4% to close at $96.78 a barrel. U.S. West Texas Intermediate crude futures lost 3% to settle at $89.31 per barrel.

Three sources told Reuters that Pakistan's effort to renew U.S.-Iran talks was backed by China.

"The Chinese are unhappy because Iran's attacks on other Gulf states and the closure of the Strait of Hormuz are hitting their interests," a Pakistani ⁠government official told Reuters.

U.S. crude oil gained about 8% this week and Brent advanced nearly 10% as fighting in the Middle East has sharply escalated.

Crude oil futures Overnight, the U.S. Central Command completed its 13th consecutive night of strikes on Iran, targeting military command centers, drone storage facilities, communication networks, coastal surveillance sites, and maritime capabilities.