07.08.202620:35:18UTC+00Oil Rises but Posts Weekly Loss on Hormuz Uncertainty

Crude oil futures climbed about 1% on Friday to settle at $78.20 per barrel, but still finished the week more than 7% lower. Prices remained highly sensitive to developments around a potential Iran–Oman agreement to restore shipping through the Strait of Hormuz, a move that could return millions of barrels of Middle Eastern crude to global markets.

Uncertainty, however, continued to weigh on sentiment. Abu Dhabi National Oil Co. reported attacks on three vessels transiting the strait, while Iran was said to be targeting ships it considers hostile. President Donald Trump stated that negotiations were making progress, though key differences over the conditions for reopening the waterway remain unresolved.

At the same time, Iran-backed Houthi forces claimed a large-scale attack against Saudi-aligned troops in Yemen, adding to regional tensions. Oil prices gave back part of their earlier advance in post-settlement trading after reports surfaced that the United States could lift its naval blockade once commercial shipping through the Strait of Hormuz resumes without restrictions.