Oil falls, posts weekly losses

Oil drilling rigs

Oil prices declined on Friday, posting weekly losses amid rising hopes for an end to the war in the Middle East, after Iran reopened the Strait of Hormuz during the ceasefire.

Brent crude futures for June delivery fell 9.10%, or $9.01, to $90.38 per barrel, recording a weekly loss of 5%.

US Nymex crude futures for May delivery dropped 11.45%, or $10.84, to $83.85 per barrel, falling 13.17% over the week.

Over the past two weeks, US crude declined 24.83%, or $27.69, marking the steepest percentage loss over a similar period since April 2020, and the largest in value since October 2008.

Iranian Foreign Minister Abbas Araghchi announced the full reopening of the Strait of Hormuz to commercial vessels during the ongoing truce with the US, easing concerns over disruptions to oil and gas supplies through the strategic waterway.

Meanwhile, US President Donald Trump signaled the possibility of resuming negotiations with Iran over the weekend before the ceasefire expires next Wednesday, expressing optimism about reaching a peace agreement beforehand.