Oil Prices Steady but Head for Weekly Loss Amid US-Iran Diplomatic Stalemate

Oil prices were largely steady on Friday but still headed for a weekly decline as traders weighed stalled diplomatic talks between the US and Iran against the resumption of some oil flows through the Strait of Hormuz.

Brent crude futures fell by $0.16, or 0.18%, to $83.14 a barrel at 12:45 GMT, while US West Texas Intermediate (WTI) crude futures declined by $0.39, or 0.47%, to $89.54 a barrel.

The United States had imposed what it called the 'toughest sanctions in history' against Iran earlier this week, prompting Tehran to label them an 'inhumane and hostile act.'

Qatar's prime minister met with senior Iranian officials on Thursday, emphasizing the importance of returning to the pre-war situation when shipping remained open through the international waterway.