US-Iran war, Aug. 28 -- Oil prices declined on Friday and were headed for their first weekly drop after two consecutive weeks of gains, despite rising in the previous session after a report said US President Donald Trump was unwilling to return to earlier terms of a deal with Iran.

Brent crude futures slipped 25 cents, or 0.3%, to $89.45 a barrel, while West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.3%, to $83.31 a barrel.

Both benchmarks were set to post weekly losses, with Brent down 5.3% and WTI lower by 4.3%.

According to a Wall Street Journal report, the Trump administration has repeatedly conveyed to mediators that it is not interested in reviving the June memorandum of understanding, making efforts to bring the ...