Iran-Oman Deal Bolsters Oil Prices Amid Hormuz Tensions

Oil prices rebounded on Friday as markets reacted to a proposed deal between Iran and Oman that would set rules for ships navigating the Strait of Hormuz.

The agreement, which aims to ease tensions in the region, has raised hopes that hostilities between the US, Israel, and Iran may soon come to an end.

According to Andrew Lipow, president of Lipow Oil Associates, 'the market is trying to assess if an Iran-Oman agreement would allow a US-flagged vessel to transit the Strait of Hormuz.'

Brent crude futures rose 93 cents (1.14%) to $83.42 per barrel, while West Texas Intermediate futures gained 96 cents (1.24%) to $78.25.