Earlier in the week, oil prices had fallen as markets became more optimistic that an agreement could be reached to restore shipping through the Strait. Despite Friday’s rebound, both Brent and WTI remained on course for weekly declines of roughly 8%, highlighting the sharp swings in oil markets as traders assess the prospects for a durable resolution. Industry sources have pointed to US sanctions and insurance restrictions as potential obstacles to arrangements involving payments to transit the Strait. The uncertainty has contributed to substantial swings in oil prices this week, leaving investors to reassess the likelihood, timing and terms of a potential reopening. US President Donald Trump said on Thursday that he believed the conflict would end soon, but the continuing uncertainty around Hormuz means energy traders remain highly sensitive to developments in the region.