Oil falls for fourth session as Hormuz progress weighed against Russia-Ukraine tensions

TEHRAN, Iran — Brent crude slipped below $87 a barrel on Friday, extending a weekly decline of more than 7%, while West Texas Intermediate traded near $82. Prices came under pressure after reports suggested a possible agreement between Iran and Oman on the Strait of Hormuz, combined with U.S. economic measures against Tehran and its trading partners that came in lighter than feared. Oil has gained more than 40% since the start of the year, driven higher by a conflict in the Gulf that has restricted energy flows from the region for nearly six months. Saul Kavonic, senior energy analyst at MST Marquee, said the market has begun to price in the possibility of a new ceasefire, citing talks between Iran and the United States hosted in Oman. U.S. President Donald Trump said on Tuesday that 10 million barrels of oil had been shipped through the Strait of Hormuz, reinforcing expectations of increased flow through the critical waterway. The strait handles a significant share of global seaborne crude shipments. Separately, recent Ukrainian strikes on Russian refineries and ports have tightened fuel markets, limiting Moscow's ability to divert crude toward exports. The competing developments left traders weighing the prospect of higher Gulf supply against ongoing disruption to Russian energy infrastructure.