By Isabel Wang and Myra P. Saefong
WTI prices have been range-bound since the April 7 cease-fire, with further declines likely requiring a meaningful pickup in Strait of Hormuz traffic
Iran's semiofficial Mehr News Agency reported that a draft peace deal would reopen the Strait of Hormuz.
Oil prices finished lower on Friday, with international benchmark Brent crude settling at its lowest level since the early days of the Iran conflict, after Pakistan said a peace deal between the U.S. and Iran had been reached.
The Brent crude contract for August (BRN00) (BRNQ26) was off by 3.4% to end at $87.33 a barrel, its lowest settlement value since March 5. For the week, the international benchmark was off 6.2% and has fallen in three of the past four weeks, according to Dow Jones Market Data.
