Brent crude oil prices rose by more than $1 a barrel on Friday as uncertainty persisted over ongoing negotiations aimed at determining control of and facilitating the reopening of the strategically important Strait of Hormuz shipping route. Brent crude futures settled at $83.55 a barrel, up $1.06, or 1.3%, while West Texas Intermediate (WTI) futures ended at $78.18 a barrel, gaining 89 cents, or 1.15%. Oil prices had declined earlier in the week as hopes grew for a potential resolution to the conflict. However, prices have continued to fluctuate amid shifting expectations since the US and Israel jointly launched strikes on the country in late February, triggering a conflict that has now entered its sixth month. Despite Friday’s gains, Brent was headed for a weekly decline of more than 8%, while WTI was set to fall over 7%.

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