Oil steady as US sanctions on Iran drive weekly losses
Business
Oil prices held steady on Friday, but Brent and US crude were set to end the week lower, down 5.1% and 4.5%, respectively.
The US announced tough economic sanctions on Iran, which eased some global tension and brought oil prices down.
Strait of Hormuz traffic down
The Strait of Hormuz, a key route for one-fifth of the world's oil, has seen fewer ships passing through lately.
Just seven commodity vessels made it across on Thursday, way below the usual numbers.
Even though Gulf oil exports have picked up from earlier lows this year, they're still not back to prewar levels.