Crude oil prices extended decline on Friday as market participants watched out for efforts towards the deal to reopen the Strait of Hormuz, while weak global demand outlook continue to weigh.
Brent futures fell 0.08% to $ 87.00 a barrel, after declining 2.15% overnight. US West Texas Intermediate (WTI) crude eased 0.06% to $81.20 a barrel. It closed down 2.4% in the previous session.
Iran and Oman are yet to reach an accord to reopen the crucial waterway, after optimism earlier in the week that an agreement was within reach, Bloomberg reported.
Crude continues to flow from the Persian Gulf, despite persistent threats, often on tankers sailing with their transponders switched off.
Reports of strikes on the vessels passing through the Strait continued, with Abu Dhabi National Oil Co. saying two more of its ships were attacked late Thursday.
Crude oil futures are still on track for a weekly gain and are up more than 40% this year, fuelled by the US-Iran war that began in late February.
The International Energy Agency forecast a deeper supply shortfall this quarter, and sees the deficit in 2026 expanding to the widest in five years.
Earlier, the Organisation of Petroleum Exporting Countries (OPEC) cut its world oil demand growth forecast for 2026 to 580,000 barrels per day.
Meanwhile, Iran-backed Houthi militants said they targeted Saudi Arabia's Jazan refinery, following an earlier strike that delayed restart plans, Bloomberg reported.
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