Oil on track for weekly loss even as Iran tensions simmer

SINGAPORE, Aug 28 (Reuters) - Oil ‌prices fell ​on ​Friday and are on track to snap a two-week winning streak, despite settling higher in the previous ‌session following a report that U.S. President Donald Trump ⁠is not interested in returning to previous deal terms with Iran.

Brent crude ‌futures were down 25 cents, ‌or 0.3%, to $89.45 a barrel by 0035 GMT. West Texas Intermediate crude futures fell 22 cents, also 0.3%, to $83.31.

Both ​benchmarks were poised to end the week lower, with Brent down 5.3% and WTI falling 4.3%.

Citing people familiar with ⁠the matter, the Wall Street Journal report said the Trump administration has repeatedly told ​mediators it has no interest in reviving the June memorandum of understanding, complicating diplomatic efforts to ​restart talks.

Earlier on Thursday, Washington said ‌it was not in talks with Iran despite diplomatic efforts by other countries to re-engage the ⁠two sides.

On Monday, the U.S. announced what it called the "toughest sanctions in history" on Iran. Tehran said the sanctions were an "inhumane and ⁠hostile act" that had lost their effectiveness.

Elsewhere, geopolitical tensions escalated after Moscow ​warned it could strike British military targets inside and outside Ukraine in response to Kyiv's attacks on Russian territory using British-supplied long-range cruise ‌missiles.

Trump, however, said Russian President Vladimir Putin will not attack a North Atlantic Treaty Organization (NATO) country, ‌and he downplayed media reports that CIA Director John Ratcliffe ⁠this week had warned ‌Russian officials against such ​an attack. Britain is one of the founding members of NATO.

(Reporting by Sudarshan Varadhan; Editing by Jamie ‌Freed)

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