|
Oil rises but posts weekly loss as Strait of Hormuz talks continue
Oil prices rose on Friday as investors closely monitored a potential agreement that US President Donald Trump's administration signaled earlier this week could reopen the Strait of Hormuz.
Brent crude futures, the global oil benchmark, climbed more than 1% to settle at $83.55 a barrel, while US West Texas Intermediate crude rose around 1% to close at $78.18 a barrel.
Despite Friday's gains, oil prices posted weekly losses of more than 7%.
Potential agreement
US Treasury Secretary Scott Bessent said an agreement guaranteeing freedom of navigation through the Strait of Hormuz could be reached as early as Wednesday. President Trump and Secretary of State Marco Rubio have also indicated that a deal is close.
However, vessel traffic through the Strait of Hormuz fell 33% on Friday compared with the previous day, with most ships using the Iranian route, according to trade and shipping intelligence firm Kpler.
Iran and Oman are working toward an agreement defining shipping routes through the strait, according to media reports. Under the proposed arrangement, inbound vessels would pass through Iranian waters, while outbound ships would transit through Omani waters.
Gold hits seven-week high after weak US jobs data
Gold prices surged on Friday to their highest level in seven weeks after data showed an unexpected decline in US nonfarm payrolls in July, reducing expectations for an interest-rate hike and putting the precious metal on course for its strongest weekly performance in seven months.
MoreWheat heads for third weekly loss as traders assess Black Sea export risks
Chicago wheat futures edged lower on Friday and were headed for a third consecutive weekly decline as traders assessed whether disruptions to grain exports from the Black Sea region could lead to supply shortages.
MoreWhat does the weak jobs report mean for Federal Reserve interest-rate policy?
The weaker-than-expected US jobs report for July is likely to strengthen the position of officials who favor keeping interest rates unchanged, while potentially shifting the Federal Reserve's attention back toward the health of the labor market if employment growth continues to deteriorate.
More