Hormuz Uncertainty Persists, Oil Prices Continue Weekly Decline

Oil prices rose above $83 (Sh10,739) per barrel on Friday but still posted a more than seven percent decline over the week.

The uncertainty surrounding a potential agreement between Iran and Oman to restore commercial shipping through the Strait of Hormuz continues to affect oil markets.

Negotiations are complicated by differences over conditions for reopening the waterway, with Washington pushing for unrestricted navigation and some Iranian legislators seeking restrictions on American and Israeli vessels.

The wide gap between the two positions has left traders uncertain about how quickly an agreement can be reached, keeping volatility elevated in oil markets.