Iran, Oman Meet on Hormuz Shipping Deal Amid US-Iran Tensions
Crude oil prices have been affected by tensions between the US and Iran. The Strait of Hormuz, a key shipping route, has seen several attacks in recent months.
On Friday, Brent crude futures fell 1.96% to $105.60 a barrel, while U.S. West Texas Intermediate (WTI) crude was down 1.6% at $100.84 a barrel.
Despite the decline, both benchmarks remained on track for strong weekly gains after some of the most severe attacks on shipping since the conflict began.
Gulf foreign ministers are expected to meet their Iranian counterpart on Monday to discuss a possible deal aimed at managing commercial shipping through the Strait of Hormuz.
The meeting, initiated by Oman, would mark the first gathering of senior Gulf diplomats with Iranian officials since the US-Israeli offensive against Iran began in late February.