Crude has its worst week since 2020 on Iran deal hopes, and UK heating oil follows it down

Crude oil ended Friday at about $98 a barrel, after its worst week since April 2020, as traders bet that the Democrats' midterm wins will push President Trump towards a deal with Iran. UK heating oil has now followed it down.

Trump spoke to the Emir of Qatar on Friday about efforts to calm the region, and Iran sent America a proposal on its nuclear programme through Qatar, according to Reuters. Ships are still being hit.

A tanker leaving the Strait of Hormuz, the sea lane that carries about a fifth of the world's oil, reported an explosion at the waterline, though its crew were safe. Iran claimed more tankers hit mines on Friday and Saturday, which nobody else has confirmed, and on Saturday American forces disabled a cargo ship in the Gulf of Oman for trying to break their blockade of Iranian ports.

Strong American jobs figures pushed the pound down about 0.7% against the dollar on Friday, which makes oil, bought in dollars, slightly dearer here and slowed the fall.