Oil prices fluctuated on Friday and remained on course for sharp weekly declines as uncertainty surrounding a potential agreement to reopen the Strait of Hormuz continued to drive volatility across global energy markets. Despite recovering some earlier losses, Brent was down about 8.5% for the week, while WTI was headed for an 8.7% weekly decline. The Strait of Hormuz remains a major concern for oil markets because of its importance to global energy supplies. Oil prices rebounded sharply on Thursday after Iran's Fars News reported that authorities were reviewing an initial Hormuz proposal. Lower borrowing costs could support economic activity and global oil demand.