West Texas Intermediate was down 2.09 percent at $79.32 per barrel at around 0015 GMT, having soared 8.5 percent on Thursday to $81.01. Brent North Sea Crude, which rose 4.9 percent on Thursday, was not yet being traded.
“Further action to reduce pressure on oil is imminent and the oil (price) seems to have pretty much stabilised,” US President Donald Trump said on Thursday.
On Tuesday, Trump had ordered the US Development Finance Corporation to provide political risk insurance for all maritime trade through the Gulf.
He said the US Navy would “if necessary” begin escorting tankers through the Strait of Hormuz — a vital chokepoint for crude which Iran has effectively closed off — “as soon as possible.”
On stock markets, Japan’s Nikkei index was down 0.8 percent shortly after the open, while South Korea’s benchmark Kospi slipped 1.2 percent.On Thursday, European exchanges shed around 1.5 percent and Wall Street’s main indices also retreated.
