Oil Prices Rise as Strait of Hormuz Negotiations Continue

Oil prices rose on Friday as uncertainty surrounding negotiations over control of the Strait of Hormuz continued to weigh on markets.

Brent crude futures settled at $83.55 a barrel, up $1.06 or 1.3%, while West Texas Intermediate futures finished at $78.18 a barrel, gaining 89 cents or 1.15%.

The Strait of Hormuz is a key shipping artery through which around 20% of the world's oil and liquefied natural gas passes.

Iran has proposed fees ranging from 5-7% on cargoes passing through the strait, while Oman wants to charge about 3%, but Washington is opposed to any fees at all.