Crude oil on track for second weekly loss amid Hormuz deal hopes

Brent crude and WTI, its US counterpart, are heading for a second consecutive weekly decline as traders bet that a diplomatic resolution to the US-Iran conflict will eventually reopen the Strait of Hormuz, even as hostilities continue to flare. Brent was trading around $91.53 per barrel on Friday, down roughly 5% on the week, while WTI was around $87.65, having shed more than 7% over the same period.