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By Trend

Oil fell on Friday after sharp gains in the previous session when prices were boosted after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude flows through one of the world’s key shipping routes, Trendreports citing Reuters.

The attacks near Iran and the Strait of Hormuz countered concerns about global demand that had hammered prices in recent weeks, analysts said.

It was the second time in a month tankers have been attacked in the world’s most important zone for oil supplies, amid rising tensions between the United States and Iran. Washington quickly blamed Iran for Thursday’s attacks, but Tehran bluntly denied the allegation.

Brent crude futures were down 17 cents, or 0.3%, at $61.14 a barrel by 0041 GMT. They settled up 2.23% on Thursday, at $61.31, having risen as much as 4.5%.

U.S. West Texas Intermediate crude futures were down 39 cents, or 0.8%, at $51.89 a barrel. They closed 2.23% higher at $52.28 a barrel in the previous session, having also risen as much as 4.5%.

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