Hormuz Hopes Fade as Crude Prices Slip Despite Brief Rebound

Crude oil benchmarks rose for a second session on Friday but still ended the week lower. Concerns over the return of Gulf supplies weighed on prices, despite hopes that tensions in the region may ease.

The Strait of Hormuz has been a focal point for market sentiment, with various backchannel talks continuing to discuss opening the waterway. However, plans floated earlier this week have yet to materialize, leaving crude futures vulnerable to downside pressure.