Oil prices little changed as market waits on deal to open Strait of Hormuz
News of Iran's restrictive draft plan for the Strait of Hormuz sent oil prices higher, renewing concerns over supply disruptions.
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A vessel is anchored off the coast of Sharjah in the United Arab Emirates on Aug. 3, 2026.
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Oil prices were little changed Friday as investors waited for an agreement teased by the Trump administration earlier this week to open the Strait of Hormuz to freedom of navigation.
Brent crude, the international benchmark, fell 36 cents to $82.13 a barrel. U.S. West Texas Intermediate futures lost 4 cents to $77.25 per barrel. Prices are down about 9% for the week.
Treasury Secretary Scott Bessent told CNBC on Tuesday that an agreement to open Hormuz with freedom of movement could come as soon as Wednesday. President Donald Trump and Secretary of State Marco Rubio had also indicated that an agreement was imminent.
But a deal still has not been announced yet. Iran and Oman are working on an agreement to define transit routes in Hormuz, according to media reports. Inbound traffic would transit Iranian waters while outbound traffic would go through Omani waters.
Meanwhile, Iranian state media published a draft plan Thursday that would restrict traffic through Hormuz. The plan is under review by Iran's parliament, according to the state outlet Fars.
Under the draft plan, Iran would ban U.S. and Israeli ships from transiting the Strait. Other nations that have harmed Iran would not be allowed to transit until compensation is paid, according to the draft.
