London (CNN Business) 1. The big picture on oil: US crude futures are in retreat, unwinding a rally triggered Thursday by an attack on two tankers in the Gulf of Oman.

The attacks were particularly unnerving for investors because they occurred near the Strait of Hormuz, a choke point through which 30% of the world's sea-borne crude oil passes.

The United States has blamed Iran for the attacks, releasing a video that it says shows an Iranian navy boat removing an unexploded mine from the hull of one of the tankers. Iran has denied involvement.

But despite the escalating tension, oil prices are falling Friday and they're on track for a weekly loss.

That shows what's really driving the oil market right now: signs of deteriorating demand caused by the elevated trade tensions and slowing global economic growth.