Oil prices post second consecutive weekly loss as Brent settles at $83

Brent crude climbed by more than $1 per barrel on Friday, as uncertainty persisted over ongoing negotiations regarding control and reopening of the Strait of Hormuz. Despite the gains, oil prices recorded a second consecutive weekly loss.

Brent futures rose $1.06, or 1.3%, to settle at $83.55 per barrel. US West Texas Intermediate futures gained 89 cents, or 1.15%, closing at $78.18 per barrel.

Oil futures had surged by more than $3 per barrel at Thursday’s close, after reports that Iran was considering legislation to ban US and Israeli ships from passing through the Strait of Hormuz. Before the war broke out at the end of February, nearly 20% of global oil and liquefied natural gas supplies transited through the strait.