Oil prices fell as hopes for a U.S.-Iran deal rose, but Rubio warned that major obstacles remain.

The U.S. and Iran implied Friday that there was progress in peace talks but Tehran's uranium and tolls for the Strait of Hormuz were sticking points.

US Secretary of State Marco Rubio has said there has been “some progress” in talks with Iran to end hostilities and reopen the Strait of Hormuz.