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Commodities

Oil Prices Rise as Investors Await Hormuz Deal

Guavy AI Editorial Team
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Oil
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Oil prices rose on Friday as investors awaited an agreement to open the Strait of Hormuz to freedom of navigation, following earlier indications from the Trump administration that a deal could be reached by Wednesday.

The international benchmark Brent crude futures gained more than 1% to close at $83.55 a barrel, while U.S. West Texas Intermediate advanced about 1% to settle at $78.18 per barrel. Despite this increase, prices fell more than 7% for the week.

Treasury Secretary Scott Bessent told CNBC on Tuesday that an agreement could come as soon as Wednesday, with President Donald Trump and Secretary of State Marco Rubio also indicating that a deal was imminent. However, no announcement has been made yet.

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