Brent crude futures settle at US$83.55 a barrel, gaining US$1.06 or 1.3%[HOUSTON] Brent crude oil climbed more than US$1 a barrel on Friday (Aug 7) over ongoing uncertainty about the negotiations in progress that determine control of, and reopen, the key shipping artery of the Strait of Hormuz. Brent crude futures settled at US$83.55 a barrel, gaining US$1.06, or 1.3 per cent. Brent was on course for a weekly loss of more than 8 per cent, while WTI lost more than 7 per cent. Analysts also said that this week’s developments have signalled that hostilities between Iran and the US are not yet over. The continued uncertainty about the outcome of the war and the timing of its end keeps traders very anxious, Kilduff said.