Crude oil prices were down to open lower on Friday as they pulled back after posting the biggest daily percentage gain of 2019 on the previous session on the back of the tensions escalating between the U.S. and Iran on Strait of Hormuz.
International benchmark Brent crude jumped 4.6% on Thursday to close at $64.67 per barrel, and it was trading at $64.41 a barrel at 0652 GMT for a 0.4% decline.
American benchmark West Texas Intermediate soared 6.8% on the previous session to close at $57.41 a barrel, and it was at $56.97 per barrel at the same time for a 0.8% pullback.
Oil prices started their rally Thursday after U.S. President Donald Trump wrote on Twitter "Iran made a very big mistake!", escalating the tensions between Washington and Tahran.
Trump's statement came after Iran's Islamic Revolutionary Guard Corps announced early Thursday that it had downed a U.S.-made reconnaissance drone. While Tehran said the drone violated its airspace, Washington claimed the drone was downed in international airspace.
Tehran said last month it could block the Strait of Hormuz after the Trump administration reimposing sanctions on Iran that hinders its ability to export crude oil, which is vital for Iranian economy.
Strait of Hormuz, the world's largest oil transit chokepoint, saw an average oil flow of 21 million barrels of oil per day in 2018, which amounts to around 21% of global petroleum liquids consumption, according to U.S.' Energy Information Administration.
By Ovunc Kutlu