Oil slides on Friday, heads for weekly gain on US-Iran fight

Oil prices slid on Friday but were on course to gain more than 6 per cent for the week after the United States and Iran resumed military exchanges in the seventh month of their conflict, while U.S. diesel prices hit a record high.

Brent crude futures were down 23 cents or 0.24 per cent at $95.29 a barrel by 10:38 a.m. CDT (1538 GMT), and West Texas Intermediate crude futures down 54 cents, or 0.59 per cent, at $90.76.

Brent crude futures were up 6.1 per cent for the week and U.S. West Texas Intermediate crude futures had gained 8.3 per cent. 

The rally in oil prices combined with a much steeper increase in fuel prices has pushed inflation and government borrowing costs higher around the world and intensified warnings that the global economy might be heading for a hard landing.