Oil prices rose Friday as investors waited for an agreement teased by the Trump administration earlier this week to open the Strait of Hormuz to freedom of navigation.
Brent crude futures, the international benchmark, was up 1% to $83.46 a barrel. U.S. West Texas Intermediate traded 1% higher to $78.33 per barrel. Prices are down more than 7% for the week.
Treasury Secretary Scott Bessent told CNBC on Tuesday that an agreement to open Hormuz with freedom of movement could come as soon as Wednesday. President Donald Trump and Secretary of State Marco Rubio had also indicated that an agreement was imminent. But a deal still has not been announced yet.
Meanwhile, ship traffic through Hormuz was down 33% on Friday compared to the day prior, with most vessels using the Iranian route, according to the trade intelligence firm Kpler.