Oil Prices Decline Amid Fed Signals and Strait of Hormuz Uncertainty

Oil prices declined on Friday due to signals from the Federal Reserve and uncertainty surrounding the restoration of shipping through the Strait of Hormuz.

Brent crude futures fell by $0.43, or 0.43%, to settle at $89.31 a barrel, while U.S. West Texas Intermediate crude dropped by $0.16, or 0.16%, to $83.40 a barrel.

The prices also reflected the week's losses, with Brent experiencing a decline of over 5% and WTI dropping more than 4% for the week.

The market was cautious due to signals from new Federal Reserve Chairman Kevin Warsh that interest rates might increase later this year to curb inflation.