“Oil prices rise amid Hormuz tensions, hopes for agreement Brent crude futures rose sharply on Friday as tensions escalated between the United States and Iran in the Strait of Hormuz, though gains eased later amid expectations of a possible diplomatic breakthrough. Brent crude settled at $101.29 per barrel, up $1.23 or 1.23 percent, after climbing as much as 3 percent during trading. US West Texas Intermediate futures closed at $95.42 per barrel, up $0.61 or 0.64 percent. John Kilduff of investment firm Again Capital told Reuters there remained deep uncertainty in the market but also growing belief that an agreement could soon emerge. “We’re on the cusp of a breakthrough in negotiations or we’re on the cusp of a renewal of the fighting,” he said. Kilduff added that traders increasingly expect a temporary agreement that could lead to a 30-day negotiation period between Washington and Tehran.
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