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HOUSTON: Oil prices gained on Friday as markets assessed a pending agreement between Iran and Oman that would set rules for transit of the Strait of Hormuz.
Brent crude futures were up 93 cents, or 1.14 per cent, at $83.42 a barrel at 1:14 p.m. CDT (1814 GMT). West Texas Intermediate futures rose 96 cents, or 1.24pc, to $78.25.
Oil futures had settled more than $3 a barrel higher on Thursday as Iran reviewed a bill to ban US and Israeli vessels from the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas normally passed before the war began at the end of February.
Oil prices fell earlier in the week as a possible solution to the conflict looked more likely, and both benchmarks are on course for a weekly loss of more than 9pc.
