Crude oil prices rose by more than $1 per barrel in Friday trading and recorded a weekly gain of about five percent. Attacks on oil tankers and the lack of progress in the peace agreement between the United States and the Islamic Republic were the main drivers of this rise.

Brent crude settled up $1.45, or 1.67%, at $88.52. West Texas Intermediate also settled up $1.15, or 1.42%, at $82.40.

Talks to end the war and reopen the Strait of Hormuz remain at an impasse. Despite earlier optimism, the Islamic Republic and Oman have not reached an agreement.