Oil prices rose slightly today, Friday, but did not record any noticeable change over the week, with traders holding on to hopes for a successful end to the war between the United States and Iran.
Brent crude futures increased by 25 cents, or 0.35%, to $72.05 a barrel by 10:50 AM Eastern Time. U.S. West Texas Intermediate crude rose by one cent, or 0.01%, to $68.70 a barrel.
Saudi Arabia exports the largest amount of crude oil through the Gulf since the closing of the Strait of Hormuz.
U.S. markets are closed today, Friday, ahead of the Independence Day holiday tomorrow, Saturday.
During yesterday's Thursday session, both crude types recorded their lowest levels since before the outbreak of the U.S.-Israel war against Iran in late February.
Analysts at Commerzbank said that investor hopes for fully opening the Strait of Hormuz surged due to talks between the United States and Iran.
Analysts at Citi wrote today, Friday,