Oil Prices Plummet Amid Fed Policy and Strait of Hormuz Developments

Oil prices declined at settlement on Friday and over the week due to several factors. In New York, Brent crude futures settled at USD 89.31 a barrel, down 39 cents or 0.43 percent from their previous level. US West Texas Intermediate (WTI) crude futures also fell, settling at USD 83.40 a barrel, down 13 cents or 0.16 percent.

The decline in oil prices was largely attributed to the US Federal Reserve's inflation-fighting policy and reports suggesting a possible agreement on navigation through the Strait of Hormuz. As a result, Brent crude fell by more than 5 percent over the week, while WTI declined by more than 4 percent.