Oil Prices Slip Amid Hopes of Hormuz Strait Agreement

Oil prices retreated on Friday as investors cautiously eyed a potential agreement to reopen the Strait of Hormuz, potentially paving the way for broader negotiations between Iran and other nations. The development had Brent crude futures down 57 cents, or 0.7%, at $81.92 per barrel, while US West Texas Intermediate crude fell by 33 cents, or 0.4%, to $76.96 a barrel.

The recent gains of over $3 in the previous session were unable to offset the downward trend, with both benchmarks on track for weekly losses of approximately 9%.

Market participants are also awaiting US jobs data later in the day, which may provide insight into the Federal Reserve's interest rate outlook and its potential impact on oil demand.