Oil Prices Plummet Amid Uncertainty Over Strait of Hormuz

Crude oil futures finished higher on Friday but ended the week with steep losses as investors grew uncertain about the outcome of talks to reopen and manage traffic through the Strait of Hormuz.

The developments around the strait's status caused another volatile day for oil markets, with crude oil futures finishing higher despite the overall weekly losses.

Investors are closely watching the situation in the Middle East, where tensions have been rising over control of the strategic waterway that connects the Persian Gulf to the open ocean.